Bridgestone have announced they will not renew their tyre deal in F1 when it runs out after 2010. Bridgestone have been in F1 since 1997 and the sole supplying tyre manufacture since 2007 but after next season a new tyre supplier must be found.

Bridgestone said:

“The company has decided to redistribute its resources as part of a changing business strategy.”

“There has been a change of direction towards further developing areas of the business where demand is greatest and which support the company’s aims.”

Bridgestone said their decision was not wholly due to the economic crisis:

“It is not mainly the depressed economic situation. We are looking more at where tyre demand needs to be focused.”

“[Our] collaboration with F1 has contributed to increased brand awareness and the recognition of Bridgestone as a leader in the global tyre industry.”

“Having achieved these goals, Bridgestone is now poised to take its technological and brand building efforts to the next level.”

Bridgestone said it would try to reassign workers at its Tokyo base but that no decision had been made about possible job cuts as a result of its Formula One exit.

“We still have a year left in F1 so no final decision has been taken on how it will impact the employees.”

“But we would like to respect their contribution before deciding about that.”