BEAVERTON -- Nike severed ties with famed cyclist Lance Armstrong, citing insurmountable evidence that he participated in doping and misled the company for more than a decade.

The clothing and footwear company said Wednesday that it was ending Armstrong's contract with great sadness.

Later Tuesday, several other companies announced they, too, were dropping Armstrong. This included Trek Bicycles, Radio Shack, 24-hour Fitness and Anheuser-Busch, according to USAToday.

Nike Inc. said it will continue to support the initiatives of Livestrong, a cancer non-profit organization.

The company would be removing the Lance Armstrong name from a building at the corporate headquarters, said spokeswoman Mary Remuzzi.

Minutes before Nike made its announcement, Armstrong issued a statement that said he was stepping down as chairman of his Livestrong charity. He said his departure would allow the charity to focus on its mission without distractions about his problems.

More: Lance Armstrong's full statement

Here is the full Nike statement. A company official told KGW there would be no further comment.

Due to the seemingly insurmountable evidence that Lance Armstrong participated in doping and misled Nike for more than a decade, it is with great sadness that we have terminated our contract with him. Nike does not condone the use of illegal performance enhancing drugs in any manner.

Nike plans to continue support of the Livestrong initiatives created to unite, inspire and empower people affected by cancer.

The U.S. Anti-Doping Agency director announced last week that Armstrong was the center of the most elaborate sports doping ring ever.

More: 26 testify against Armstrong in USADA probe

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