TOKYO, Feb 21 (Reuters) - Bridgestone Corp said on Friday it would increase its capital expenditure to 190 billion yen ($1.6 billion) in 2003, focused mainly on its overseas plants, from 116.7 billion yen in the previous year.
The firm, Japan's largest tyre maker, earlier announced a 161 percent rise in consolidated net profit to 45.38 billion yen in 2002 on the back of brisk exports.
Bridgestone President Shigeo Watanabe said at a briefing on the tyre maker's 2002 results that the increase in spending was partially aimed at boosting production at plants in locations such as Thailand and Europe.
Bridgestone was already turning some of its focus to boosting global capacity and strengthening its European operations in the second half of 2002.
In August it announced a $250 million boost to global capacity in its first major expansion since recalling thousands of tyres in 2000.
It also said in November it would build a third tyre plant in Thailand, and in December took a one-off charge on its European operations partially aimed at boosting capacity in Poland and Spain.
Bridgestone, which is battling rivals Goodyear Tire & Rubber Co and Michelin for supremacy in the global tyre market, has seen rising demand for larger tyres in the United States and Europe and for commodity-grade tyres in Asia. ($1=118.36 yen)