Nov. 2 (Bloomberg) -- Bridgestone Corp., the world’s largest tiremaker, will stop supplying tires for the Formula One racing championship series as it aims to cut costs and streamline research and development efforts.

The company won’t renew its current contract, set to expire at the end of the 2010 season, the Tokyo-based company said in a statement today. The company is the sole supplier of tires to F- 1 racing teams.

Bridgestone spent as much as $100 million a year on Formula One-related costs, according to the company. Honda Motor Co., Japan’s second-largest carmaker, and Bayerische Motoren Werke AG have also announced their withdrawal from the championship in the past year as the global recession cuts automobile sales.

The tiremaker said it will redirect its resources toward development of new technologies and strategic products.

Bridgestone forecasts net income will drop 42 percent to 6 billion yen ($67 million) in the year ending in December.

To contact the reporter on this story: Makiko Kitamura in Tokyo at mkitamura1@bloomberg.net.

Last Updated: November 1, 2009 21:44 EST