Oct. 23 (Bloomberg) -- Bridgestone Corp., the world’s largest tiremaker by sales, said it will close plants in Adelaide, Australia, and Christchurch, New Zealand because of lower cost competitiveness.

The Adelaide plant will be closed by April 30, 2010 and the New Zealand facility by the end of the year, affecting 875 jobs, Tokyo-based Bridgestone said in a statement today.

“International competitive forces have been making tire manufacturing in Australia and New Zealand increasingly difficult to the point where the operations in both countries are no longer viable,” the company said.

Bridgestone is cutting costs as the global recession has sapped demand for new vehicles and tires in Japan, America and Europe. The company expects full-year profit to plunge 42 percent to 6 billion yen ($65 million) this year.

The tiremaker has gained 20 percent in Tokyo trading this year while the Nikkei 225 stock average has climbed 17 percent. Bridgestone fell 0.8 percent to 1,590 yen at 12:39 in Tokyo.

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Last Updated: October 22, 2009 23:45 EDT