Four More Companies Announce Price Increases

(Akron/Tire Review) Four more tyre companies jumped on the price hike bandwagon yesterday, following up on increases announced recently by Bridgestone/Firestone North American Tire, Michelin North America, Pirelli Tire North America and Continental Tire North America.

Yokohama Tire Corp. said it is raising prices “across the board” on all of its Yokohama, Mohawk and private label brands. The 1 July increases will “range up to 7 per cent” and additional in-line adjustments will also be made.

Goodyear Tire & Rubber Co is raising prices on its passenger and light truck/SUV tyres by up to 5 per cent as of 1 June. The increases cover all Goodyear, Dunlop, Kelly-Springfield and Republic brands, and all associate brands. Previously, Goodyear had raised prices on its commercial tyres by up to 6 per cent, effective 15 May.

On 1 July, Toyo Tire USA Corp is raising prices on all of its tyres – consumer and commercial – by up to 8 per cent. Hankook Tire America Corp said it is raising prices on all of its passenger, light truck/SUV and medium truck tyres by up to 6 per cent, effective 1 July.

All four companies cited fast rising raw material costs – particularly petroleum-derived products – higher energy and transportation costs, and higher legacy and employee benefit costs.