Bridgestone to pull out of F1 after 2010

“Bridgestone today announced that it will not enter into a new tyre supply contract with the FIA Formula One World Championship series,” the Tokyo-based tyre and rubber industry giant said in a statement. Bridgestone have supplied tyres to F1 for 13 years and have been the exclusive suppliers since 2007.

The Japanese tyremaker,who also make industrial rubber and chemical products and sporting goods,said they would redirect resources toward new technologies and strategic products. “The business environment is changing greatly,” company spokesman Makoto Shiomi said. “We need to concentrate our management resources on strategic areas and technological innovation,” he said,adding that one of the priorities would be development of more environmentally friendly products.