LONDON (Reuters) - Japanese electronics company Panasonic Corp on Thursday renewed their title sponsorship of the Toyota Formula One team until 2012 despite the global recession.
Panasonic, whose South Korean-based rivals LG Electronics are now an official sponsor of the series, have backed Toyota since their Formula One debut in 2002. The Cologne-based team finished fifth overall last season.
“I would like to extend my deepest thanks to Panasonic Corporation for continuing as our title sponsor, despite the particularly harsh economic climate,” team principal Tadashi Yamashina said in a statement after the internet launch of the new TF109 car.
“The team will redouble its efforts this year in order to achieve its long-sought-after first victory.”
No figure was given for the renewed deal, which had been due to expire at the end of 2009.
Reporting by Alan Baldwin, editing by Justin Palmer