Bridgestone Firestone said it will spend $5.2 billion over the next three years on advanced tire technology and to assure the company of a secure raw materials supply. Putting this in context, Mark Emkes, chairman and CEO of Bridgestone Americas,
said this represents a rate of expenditure of $5 million a day or $200,000 an hour.
Emkes was speaking at the Bridgestone BizCon10, the 10th annual dealer meeting, held today in Washington, D.C. The theme of the meeting was Independent Branding and marked the launch of BFA truck tire division’s re-establishment of distinct branding to differentiate Bridgestone and Firestone truck tires.
Establishing distinct and recognizable brands is the only way to be able to sell against increasing competition from offshore truck tires that sell only on price, said Singh Ahluwalia, president of Truck Tires Sales.
Billed as the most successful BizCon to date, it was attended by more than 700 delegates that included many of the highly successful independent Bridgestone and Firestone dealers and distributors.
Launching the new marketing and product differentiation programs, Kurt Danielson, BFNA director of Commercial Tire Marketing, said that Firestone’s truck tire branding would be based on the more than 100-year-old company’s heritage as an American icon. Appealing to the smaller fleets and owner-operators, the common theme to the Firestone platform is “Born to Truck,” and features images that closely ally the products to America’s enterprising spirit and the pride trucking entrepreneurs have in their contribution to the industry.
Bridgestone’s branding builds on the company’s established technology leadership and is targeted at fleets that regard tire purchase as a financial investment in getting freight delivered on time. To appeal in this marketplace, Bridgestone marketing will also stress the products’ quality and service support, backing the fleets’ decision to invest in the Bridgestone brand.
The opening general session featured an economic update by Dr. Martin Regalia, vice president and chief economist for the United States Chamber of Commerce. Regalia’s comments showed a guarded optimism for the general economy, saying we should “forge through 2007 in fine style.” However, the economy would not be as robust as 2005 and everyone should pray that hurricane season does not deliver the sort of blow Hurricane Katrina did last year.