Japanese tyremakers Bridgestone Corp have said they would quit Formula One next year, dealing a further blow to the sport after the recent withdrawal of other high-profile firms due to the global downturn.

Bridgestone’s said they would end their contract as the official tyre suppliers to the FIA, raising questions over who would supply tyres to F1 after French rival Michelin pulled out in 2006 and US maker Goodyear left in 1998. Bridgestone’s current contract expires at the end of the 2010 season.

"Bridgestone today announced that it will not enter into a new tyre supply contract with the FIA Formula One World Championship series," the Tokyo-based tyre and rubber industry giant said in a statement. Bridgestone have supplied tyres to F1 for 13 years and have been the exclusive suppliers since 2007.

The Japanese tyremaker, who also make industrial rubber and chemical products and sporting goods, said they would redirect resources toward new technologies and strategic products. "The business environment is changing greatly," company spokesman Makoto Shiomi said. "We need to concentrate our management resources on strategic areas and technological innovation," he said, adding that one of the priorities would be development of more environmentally friendly products.