Bridgestone to withdraw from Formula One

Major Japanese tire manufacturer Bridgestone Corp.’s withdrawal from Formula One racing is a sign that the tire industry’s priorities have shifted from manufacturing products that realize faster travels to making them greener. Bridgestone announced that it will stop supplying tires for Formula One racing after the 2010 season. Bridgestone entered Formula One racing in 1997 to boost its global name recognition, competing with tire giants such as Goodyear Tire & Rubber Co. of the United States and the Michelin Group of France. It became the sole tire supplier in 2008, providing its products to all racing teams. (November 3, 2009)