Bridgestone to stop suppling tyres for Formula One

Nov 2, 2009, 3:44 GMT

   Tokyo - Japan's leading tyre maker Bridgestone Corp said Monday it was to withdraw from suppling tyres for Formula One racing by the end of the 2010 season, owing to a changed business environment.

   'Bridgestone ... today announced that it will not enter into a new tyre supply contract with the FIA Formula One World Championship (F1) series; the current contract is set to expire at the end of the 2010 season,' the company said in a statement

   'The company focused on the need to redirect its resources towards the further intensive development of those innovative technologies and strategic products which support the company's goals.'

   Bridgestone has been suppling tyres for Formula One racing since 1997 and has been sole supplier since 2007.

   Last month, the company said it planned to cut around 900 jobs in Australia and New Zealand, as slowing demand for cars forced it to close manufacturing plants.

   The tyre maker posted a 38.3-billion-yen (420-million-dollar) loss for the first six months of 2009, from a net profit of 37.2 billion yen in the same period the year before.

   Bridgestone, the world's largest tyre maker, joins a growing list of Japanese companies quitting Formula One. Honda Motor Co pulled out last season, while Fuji International Speedway, which is owned by Toyota, said it would stop hosting the Japanese Grand Prix from 2010 onwards. dpa ln im se