Bridgestone Americas announced it has reached an agreement to divest its business in Venezuela – Bridgestone Firestone Venezolana C.A. (BFVZ) – to the Corimon Group.

This divestiture follows BFVZ deconsolidation in the third quarter of 2015, and a strategic decision to prioritize Bridgestone’s growth and investment in other Latin American markets.

Since the Venezuela operations were deconsolidated from Bridgestone Americas last year, this divestiture will have no financial impact, the company said.

In a press release announcing the divestiture, Bridgestone said it is “proud of the 62 years it served the Venezuelan people and wishes the best of success to the new owners of the company and to employees as they begin this next phase under new management.”

Bridgestone Firestone Venezolana C.A. will now become Alice Neumáticos de Venezuela,  managed by the Corimon Group.