Tyre-manufacturer Bridgestone has confirmed it is quitting Formula One as exclusive tyre-supplier at the end of the 2010 season. The Japanese company said it was "addressing the impact of the continuing evolution of the business environment."

Bridgestone posted a net loss of 38.34 billion yen ($420 million) for 1H2009, having made a profit of 37.24 billion yen the year previous.

“Bridgestone today announced that it will not enter into a new tyre supply contract with the FIA Formula One World Championship series,” said an official statement.

“Over the years, the company has benefited directly from its involvement in Formula One racing. The lessons learned through Bridgestone’s successful participation have translated into innovations that can be applied to the design and manufacture of tires. In addition, its collaboration with F1 has contributed to increased brand awareness and the recognition of Bridgestone as a leader in the global tire industry. Having achieved these goals, Bridgestone is now poised to take its technological and brand building efforts to the next level.”

Bridgestone has supplied tyres to Formula One for 13 years and has been the exclusive supplier since 2007. French rival Michelin pulled out in 2006 and US maker Goodyear left in 1998.