TOKYO -- Bridgestone Corp. plans to stop supplying tires for Formula One after its contract expires next season.
A day after the 2009 F1 season ended in Abu Dhabi, Bridgestone, the Japanese company vying with Michelin SCA of France to be the world's biggest tiremaker, announced Monday it wants to focus its resources on core tire businesses.
Company spokesman Makoto Shiomi declined to say the decision was due to a prolonged global slump.
Bridgestone began supplying tires for F1 racing in 1997 and has been the sport's sole supplier since 2007. Bridgestone said it will not renew the current contract for a tire supply, which expires in late 2010.
Bridgestone joined a list of Japanese companies leaving F1.
Honda Motor Co. pulled out of F1 to cut costs amid a global downturn. In July, Toyota-owned Fuji International Speedway announced it would not host the Japanese F1 Grand Prix from 2010 and beyond amid the faltering global economy.
Bridgestone expects its net profit in the current financial year to March 2010 to plunge by 42 percent year-on-year to six billion yen ($66.7 million).
