Worldwide tyre maker Michelin announced today that it is entering Formula One racing with the teams of BMW/Williams and Toyota. The announcement complements the company's outstanding record in racing activities: World Rallying, GT, Motorbike Grand Prix 500, Superbike, Endurance and just about any sport that relies on tyres.

"This decision is part of our worldwide strategy," says Edouard Michelin, the Chief Executive of the Michelin Group.

"Racing and F1 in particular present a very strong potential in terms of communicating our technological leadership. Our entry into F1 will help us reinforce our position in Europe and gain recognition and improve our presences in Asia and South America. It will also increase our racing presence in North America. We are convinced it that this is a good investment," he said.

Starting with the 2001Season, Michelin will team up with BMW/Williams. BMW was Michelin's winning partner at Le Mans this year. Some time before the 2003 season, Michelin will become the tyre supplier for Team Toyota, who confirmed its entry into F1 earlier this week. In 1999 Michelin and Toyota shared the podium in Rally and GT competition.

"We are well acquainted with the with the racing teams of Toyota and BMW /Williams," said Pierre Dupasquier, Michelin's Director of Racing. "Even though we have not been competing in Formula One in recent years, Michelin has kept a close eye on the sport and its evolution. We look forward to taking on the challenge and I assure you we will bring our reputation for technology and quality service to be competitive."

Michelin brought the radial revolution to F1 racing back in 1977. When the tyremaker exited the sport in 1984, all F1 cars were on radial tyres and Michelin had 59 wins, 3 drivers' World Champion titles and 2 Manufacturers' World Champion titles.

Despite its past successes, Michelin considers this the start of a new adventure. As Edouard Michelin explains, "This sport has evolved considerably in the past 15 years. That's why we say we are entering, not re-entering. Automotive technology has changed and tyres have changed, too. It's going to be a challenge and at Michelin we love challenges!"

Group Michelin is based in Clermont Ferrand, France and manufactures tyres and related products in 19 countries worldwide.