Michelin to Enter Formula One in 2001

18 December 1999
Michelin to Enter Formula One in 2001
    GREENVILLE, S.C., Dec. 18 -- Worldwide tire-maker Michelin
announced today that it is entering Formula One competition with the
BMW/Williams and Toyota teams.  The announcement complements the company's
outstanding record in racing activities, including the American Le Mans Series
and Skip Barber in North America as well as World Rallying, GT, Motorbike
Grand Prix 500, Superbike, endurance racing and just about any other major
sport in the world that relies on tires.
    "This decision is part of our worldwide strategy," said Edouard Michelin,
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 in F1 will help us reinforce our position in Europe and
gain recognition and improve our presence in Asia and South America.  It will
also increase our racing presence in North America.  We are convinced that
this is a good investment."
    Starting with the 2001 Grand Prix season, Michelin will team up with and
supply tires to BMW/Williams.  BMW and Michelin won the 24 Hours of Le Mans
earlier this year.  Prior to the 2003 season, Michelin will become the tire
supplier for Team Toyota, which 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 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 that we will bring our reputation for technology
and quality service to be competitive."
    "We are particularly excited in North America because we believe that with
the reintroduction of the U.S. Grand Prix, Formula One is about to experience
a renaissance of sorts in the United States," said Herb Johnson, Director of
Motorsports for Michelin North America.  "The technology, style and atmosphere
that Formula One offers is truly unique.  Competing in the U.S. Grand Prix at
the Indianapolis Motor Speedway will be very special and complement the highly
successful, long established Canadian Grand Prix."
    Michelin introduced radial tires to Formula One racing in 1977.  Before
exiting the sport in 1984, every F1 car was equipped with radial tires.  In
total, Michelin scored 59 wins, three Driver's World Champion titles and two
Manufacturer's World Champion titles.
    Despite its past success, Michelin considers its current Formula One plan
as the start of a new adventure. As Edouard Michelin explained, "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 tires 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
tires and related products in 19 countries worldwide.

    Michelin North America manufactures and sells tires for every type of
vehicle, including airplanes, automobiles, bicycles, earthmovers, farm
equipment, heavy duty trucks, motorcycles and the space shuttle.
Headquartered in Greenville, S.C., Michelin North America employs 27,000 and
operates 23 plants in 21 locations.