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The move comes as the tire manufacturer contends with falling demand across multiple continents. stone slab cutting machine
The Bridgestone factory, which first opened in 1945, produces tires for agricultural, construction, forestry and off-road uses. The company boasts on its website that many workers at the site are second or third-generation employees.
The plant is part of Bridgestone's expansive U.S. manufacturing network, with 19 factories across 11 states.
The company, however, has been contending with falling truck and bus tire demand in North America, Europe and China. Global CEO Shuichi Ishibashi noted on a February earnings call that the company's top priority this year was to "improve and reinforce business quality."
Ishibashi added that the company saw higher production costs in Q1 as a result of rising raw material, labor and energy prices. Demand in North America was down 18% year over year and down 15% YoY globally.
Multiple agricultural machinery manufacturers are laying off workers in Iowa amid a widespread slowdown in tractor demand.
Deere & Co. has laid off hundreds of workers from factories throughout the state this year, recently including 190 production workers at its Waterloo, Iowa, operations. The company plans to strategically underproduce agricultural machinery in the second half of the year after seeing a 15% YoY drop in sales in Q2.
Farmers are cutting back on equipment and other discretionary spending as they delay planting due to weather concerns. The Department of Agriculture is now forecasting net farm income to drop by 25.5% this year compared to 2023, down to $116.1 billion.
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In dueling remarks this week, the Republican nominee focused on tariff hikes, while the Democratic nominee talked of boosting clean energy production.
Drugmakers have been slow to adopt the production process, which experts say can streamline operations, boost data quality and reduce time to market.
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In dueling remarks this week, the Republican nominee focused on tariff hikes, while the Democratic nominee talked of boosting clean energy production.
Drugmakers have been slow to adopt the production process, which experts say can streamline operations, boost data quality and reduce time to market.
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