OH-based Goodyear Tire & Rubber Co. yesterday "decided
to pull out of Formula One racing" after the '98 season,
according to David Adams of the AKRON BEACON JOURNAL. The
decision, which ends Goodyear's 33-year history with the
sport, is a "sharp break from the company's strategy to use
Formula One racing as a marketing vehicle to reach millions
of consumers overseas." Goodyear spokesperson Chris Aked
said that circuit rule changes will mean higher tire
development costs and that overall the "return on the
investment was no longer worth it." Adams reports that
Goodyear's decision to pull out of Formula One "comes after
this year's success by competitor Bridgestone Corp." Adams:
"Until Bridgestone entered Formula One this season ...
Goodyear had dominated the sport." Adams adds that Goodyear
will continue to be a main sponsor of the NASCAR circuit, as
in April, the company signed a three-year deal to be the
sole tire supplier to NASCAR drivers (AKRON BEACON JOURNAL,
11/20). The FINANCIAL TIMES reports that Groupe Michelin of
France and Italy's Pirelli tires "are known to have been
studying the possibility of rejoining" Formula One, even
before Goodyear's decision (FINANCIAL TIMES, 11/20).
