Bridgestone Corp. said Monday it will stop supplying tires to the Formula One World Championship auto racing series at the close of the 2010 season next fall, citing the need to save costs and redistribute resources to environmental areas.
The F1 series will need to quickly find a new supplier to continue the motor race with the exit of Bridgestone, which has been supplying tires since 1997 and has been an exclusive F1 supplier since 2008.
"The company focused on the need to redirect its resources toward the further intensive development of those innovative technologies and strategic products which support the company's goals," the tire maker said in a statement.
The move follows the pullout of automakers, including Honda Motor Co. and Suzuki Motor Corp., from major racing events as companies cut spending to weather the tough economic conditions.
Bridgestone made the decision not to renew the supply contract to save costs.
