The firm had utilised the star as part of its existing sponsorship with Newcastle United – Owen’s club.
Owen was carried off after just one minute during the match against Sweden on Tuesday night.
A spokesman for the firm said: “We thought it was inappropriate in the circumstances to continue with our brand campaign and have decided to withdraw it.”
Meanwhile, TV viewing figures revealed nearly 21m people in the UK watched the England game on commercial free-to-air channel ITV – its biggest audience since the 1998 World Cup.
ITV share the UK rights with the BBC.