TOKYO (Nov. 3, 2009)—Bridgestone Corp. said it will not enter into a new tire supply contract with the Federation International de l'Automobile Formula One World Championship series after its current contract expires at the end of the 2010 racing season.
Bridgestone said it will focus on the need to redirect its resources towards the further intensive development of innovative technologies and strategic products that support the tire maker's goals and further enhance its reputation as a technology leader.
Over the years, the company has benefited directly from its involvement in Formula One racing, it said, noting that “the lessons learned through Bridgestone's successful participation have translated into innovations that can be applied to the design and manufacture of tires.” The Tokyo-based firm said its collaboration with F1 has “contributed to increased brand awareness and the recognition of Bridgestone as a leader in the global tire industry. Having achieved these goals, Bridgestone is now poised to take its technological and brand building efforts to the next level.”
Bridgestone added that it is committed to supporting F1 and the series' teams through the completion of the 2010 season, and also expressed appreciation and gratitude “to the management of Formula One, the F1 teams and support staff, and the F1 fans around the world for their enthusiasm and support for Bridgestone over the last 13 years.”