Japanese tire manufacturer Bridgestone Corp., on Monday said it would withdraw from Formula One next year. This decision provides further blow to the sport after the resignation of prominent companies recently in the midst of the global economic crisis.
The decision will halt its contract with Bridgestone as the official supplier of the FIA raises the question of who will replace him after a French rival, Michelin, back in 2006 and the U.S. tire manufacturer, Goodyear, back in 1988.
"Bridgestone today announced that it would not apply for a new tire supply contract for the series of Formula One World Championship FIA," said the rubber industry and tire giant yangbermarkas in Tokyo in a statement.
Such a move is issued after Toyota Motor retreat from the implementation of the Japanese Grand Prix, while Honda has sold his team at the company struggled to get out of a global recession. There are also other victims in the motor sport.
Bridgestone has been supplying tires to Formula One for 13 years and has become the exclusive supplier of the grand prix series since 2007. Current contract will expire at the end of the 2010 season. Bridgestone, which was struck by the deterioration of the global automobile industry in the midst of economic crisis, said the resignation was "due to the impact of ongoing evolution of the business environment."
The company, which competes with Michelin to become the leading tire manufacturers in the world. Bridgestone claims lost 38.34 billion yen (420 million U.S. dollars) for the period January to June. This is a setback after making a profit 37.24 billion yen in the early years. Bridgestone last month said it would stop almost 900 employees in Australia and New Zealand at the time of closing factories in the midst of declining demand for car purchases around the world.
Toyota Motor month of July retreat held at the Japanese Grand Prix circuit, Fuji Speedway, starting next year. Honda had been selling the team and Formula Only Subaru has retreated from the world rally championship. Motorcycle manufacturer, Kawasaki, has been out of the MotoGP and Mitsubishi will be out of the Dakar Rally.
Japanese tire factory, which also produces rubber and chemical industries and sports equipment, said it would divert its resources towards the direction of new technologies and strategic products. "The business environment is changing greatly," said company spokesman Makoto Shiomi, told AFP.
"We need to concentrate our management resources in the areas of strategy and technology innovation," he said, adding that one of these priorities is to develop products that are environmentally friendly.
He added that Bridgestone is not in a position to consider which companies will become the official tire supplier to Formula One. Bridgestone said on its homepage that in the year 2009 the factory has made about 40,000 tires for the 10 Formula One racing team in its factory in Kodaira, a western suburb of Tokyo. (Ant / DSY)
The decision will halt its contract with Bridgestone as the official supplier of the FIA raises the question of who will replace him after a French rival, Michelin, back in 2006 and the U.S. tire manufacturer, Goodyear, back in 1988.
"Bridgestone today announced that it would not apply for a new tire supply contract for the series of Formula One World Championship FIA," said the rubber industry and tire giant yangbermarkas in Tokyo in a statement.
Such a move is issued after Toyota Motor retreat from the implementation of the Japanese Grand Prix, while Honda has sold his team at the company struggled to get out of a global recession. There are also other victims in the motor sport.
Bridgestone has been supplying tires to Formula One for 13 years and has become the exclusive supplier of the grand prix series since 2007. Current contract will expire at the end of the 2010 season. Bridgestone, which was struck by the deterioration of the global automobile industry in the midst of economic crisis, said the resignation was "due to the impact of ongoing evolution of the business environment."
The company, which competes with Michelin to become the leading tire manufacturers in the world. Bridgestone claims lost 38.34 billion yen (420 million U.S. dollars) for the period January to June. This is a setback after making a profit 37.24 billion yen in the early years. Bridgestone last month said it would stop almost 900 employees in Australia and New Zealand at the time of closing factories in the midst of declining demand for car purchases around the world.
Toyota Motor month of July retreat held at the Japanese Grand Prix circuit, Fuji Speedway, starting next year. Honda had been selling the team and Formula Only Subaru has retreated from the world rally championship. Motorcycle manufacturer, Kawasaki, has been out of the MotoGP and Mitsubishi will be out of the Dakar Rally.
Japanese tire factory, which also produces rubber and chemical industries and sports equipment, said it would divert its resources towards the direction of new technologies and strategic products. "The business environment is changing greatly," said company spokesman Makoto Shiomi, told AFP.
"We need to concentrate our management resources in the areas of strategy and technology innovation," he said, adding that one of these priorities is to develop products that are environmentally friendly.
He added that Bridgestone is not in a position to consider which companies will become the official tire supplier to Formula One. Bridgestone said on its homepage that in the year 2009 the factory has made about 40,000 tires for the 10 Formula One racing team in its factory in Kodaira, a western suburb of Tokyo. (Ant / DSY)
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