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F1’s sole supplier of tyres announced today its decision to pull out of the sport after the 2010 season. 2010 marks the third year of Bridgestone’s exclusive supply contract with formula one, and a media statement said the Bridgestone Corporation in Japan decided not to seek an extension.

A disappointed Hiroshi Yasukawa, boss of the company’s motor racing programme, said the decision was about the redirection of “resources towards the further intensive development of those innovative technologies and strategic products which support the company’s goals and further enhance the company’s reputation as a technology leader.”

Bridgestone entered F1 in 1997 in competition with Goodyear, and later pitted its products against Michelin’s. It was the only supplier in 2007, then entering a contract to be the sole official supplier between 2008-2010.

“The company has benefited directly from its involvement in Formula One racing,” the tyre supplier stated. “The lessons learned through Bridgestone’s successful participation have translated into innovations that can be applied to the design and manufacture of tyres.

“In addition, its 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.”