Firestone was bought out by Bridgestone Corporation, Japanese multinational tire and rubber company headquartered in Tokyo, Japan, which is now world's largest or second largest tire manufacturer. Bridgestone acquired Firestone Tire and Rubber Company in 1988 for 2.6 billion dollars, in major deal that combined largest Japanese tire company with major American tire company. Before acquisition, Firestone was independent American company founded 1900 by Harvey Firestone in Akron, Ohio, and had been family-owned and publicly traded. By 1980s, Firestone was struggling financially due to radial tire transition costs and recall issues, making it acquisition target. Bridgestone, founded 1931 by Shojiro Ishibashi in Japan, wanted global expansion and US market access, so bought Firestone to become global leader. After acquisition, Bridgestone created Bridgestone Americas subsidiary based in Nashville, Tennessee, which operates Firestone brand as mid-tier line alongside premium Bridgestone brand. Bridgestone retained Firestone name for brand recognition and kept US factories open. The acquisition made Bridgestone largest tire company in world at time. So Bridgestone bought out Firestone in 1988 and still owns it today, operating Firestone as brand under Bridgestone Americas, with Firestone Complete Auto Care shops and Firestone Industrial Products also part of group.
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