Tokyo, Nov 2 (DPA) Japanese tyre manufacturer Bridgestone has announced that it is to withdraw from Formula One at the end of the 2010 season to focus its resources on alternative development.
“The decision made by the board of directors comes after considerable and lengthy evaluations and has been based on the company’s need to redirect its resources towards further intensive development of innovative technologies,” said Bridgestone motorsport director Hiroshi Yasukawa in a statement Monday.

“Our sincere appreciation is extended to Bernie Ecclestone and Formula One Management, the Formula One teams with whom it has been an honour to work alongside and the many F1 fans who have followed our activities over the past 13 years.”

Bridgestone has supplied tyres to F1 teams since 1997 and has been the sport’s sole supplier since the beginning of the 2008 season in the wake of Michelin’s departure.

The global economic crisis has hit Bridgestone heavily, with the company losing 38 billion yen ($426 million) in the first half of this year.

Economic conditions have already forced Japanese car maker Honda to pull out of F1 at the end of 2008 while BMW ended its participation following this season’s final race Sunday in Abu Dhabi.

There are also serious doubts as to whether Toyota will continue in F1, with a decision expected by Nov 15 around a company board of directors meeting.

Bridgestone, which has won 156 of the 223 F1 races it has entered, will continue to supply tyres to the GP2 Series and GP2 Asia Series, and is contracted as sole tyre supplier in MotoGP until 2011.