Bridgestone Americas says it is to divest its business in Venezuela, Bridgestone Firestone Venezolana (BFVZ), to the Corimon Group.

The divestiture follows BFVZ deconsolidation in the third quarter of 2015 and a decision to prioritise Bridgestone's growth and investment in other Latin American markets.

Due to the fact the Venezuela operations were deconsolidated from Bridgestone Americas last year, the divestiture will have no financial impact on the company says the supplier.

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

Nashville, Tennessee-based Bridgestone Americas, is the US subsidiary of Bridgestone Corporation, which develops, manufactures and markets Bridgestone, Firestone and associate brand tyres.

The companies are also engaged in retreading operations and produce air springs, roofing materials and industrial fibres and textiles.

The Bridgestone family of companies also operates the world's largest chain of automotive tyre and service centres.

Bridgestone has operated in Venezuela for 62 years.