Bridgestone Corp., parent company of Firestone, will write a $240 million check to Ford Motor Co. to put an end to the squabbles between the two companies over tire failures on the Ford Explorer SUV.
Bridgestone and Ford said the payment put an end to all issues between the companies related to the recall of Firestone truck tires.
The 2001 crisis was the beginning of the end of Jacques Nasser's 34-month reign as Ford CEO; he was fired on Oct. 30 of that year. Nasser had said the automaker would spend $3 billion to replace 13 million Firestone tires.
Bridgestone's payment amounts to $18.46 a tire.
Ford launched the recall amid concerns that tire failures led to a large number of rollover crashes of the Explorer. Firestone officials had balked at a recall, blaming the rollovers on the Explorer's design rather than defective tires. The resulting fight soured a long relationship between the companies.