Bridgestone end F1 contract

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Bridgestone have confirmed that they will not continue to supply tyres for Formula One once their current contract runs out in 2010.

The Japanese manufacturer have been the sole supplier of tyres for the series since 2007, but claim they want to focus their resources on new technology and products after honouring the final year of their deal next season.

"The company focused on the need to redirect its 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," read a statement from Bridgestone.

"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."

Bridgestone has been regularly supplying tyres to the Formula One championship since 1997 and became the sole supplier a year earlier than scheduled when Michelin withdrew after the 2006 season.

They become the latest in a line of Japanese companies leaving F1 following Honda, who pulled out to cut costs amidst the global downturn, and the Toyota-owned Fuji International Speedway, who announced it would not host the Japanese F1 Grand Prix from 2010 and beyond.