Bridgestone Pulls Out Of F1
Japanese tyre maker Bridgestone Corp has stated that it will quit F1 next year, dealing a further blow to the sport after the recent withdrawal of other high-profile firms due to the global downturn.
Bridgestone said it would end its contract as the official tyre supplier to the FIA, raising questions over who would replace it after French rival Michelin pulled out in 2006 and US maker Goodyear left in 1998.
The move comes after Toyota Motor pulled out of hosting the Japanese Grand Prix, while Honda has sold its team as the companies struggled to fight off the global recession.
Bridgestone has supplied tyres to F1 for 13 years and has been the exclusive supplier to the series since 2007. Its current contract expires at the end of the 2010 season.
Bridgestone, battered by a global auto industry slump amid the economic downturn, said it was ‘addressing the impact of the continuing evolution of the business environment.’
The Japanese tyremaker, which also makes industrial rubber and chemical products and sporting goods, said it would redirect its resources toward new technologies and strategic products.
