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Bridgestone to stop F1 tyre supply in late 2010

Tokyo: Japan`s Bridgestone Corp. said it would end its tyre supply contract with Formula One after late 2010, citing a changing "business environment."

"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 has supplied tyres to F1 for 13 years and has been the exclusive supplier to the series since 2007. Its current contract expires at the end of the 2010 season.

The company said it was "addressing the impact of the continuing evolution of the business environment."

Last month Bridgestone said it would shed nearly 900 jobs in Australia and New Zealand as it closes manufacturing plants amid a worldwide slump in demand for cars.

Bridgestone, which vies with France`s Michelin to be the world`s top tyremaker, posted a net loss of 38.34 billion yen (420 million dollars) for January-June, a turnaround from a year-earlier profit of 37.24 billion yen.

Bureau Report

From Zee News

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