General Motors reported on January 29 that Bridgestone Corp. said on the 29th that it lowered its net profit forecast for FY08 due to a high fine penalty associated with illegal cartel formation.
The tire manufacturer now expects net profit for 2008 to be 7.5 billion yen, which is lower than its previous 12 billion yen. Its main competitor is the Cie Generale des Etablissements Michelin SCA.
The company's expectations for sales volume and operating profit in 2008 remain unchanged.
As the European Union antitrust agency fined Bridgestone for the construction of a cartel in the marine pipeline market, Bridgestone will suffer a special project loss of 58.5 million euros.
The European Commission sued Bridgestone, Dunlop and three other companies on the 29th for price manipulation to divide the marine hose market.
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