Watts Raises Forklift Tyre Prices 6-10%

With raw material prices hitting an all time high, Watts Tyre Group chief executive, Jean-Paul Mindermann has announced a price increase of up to 10 per cent, warning the Forklift truck industry that “tyre prices will continue to rise” and OEM dealers “must adapt to the new paradigm. “At the end of the third quarter of 2007 we announced that we would be reviewing prices on a quarterly basis due to the soaring price of natural rubber. As a result of that continued rise in raw materials costs we are today announcing a price increase of between 6 and 10 per cent depending on country and currency,” Mindermann said in a statement.

Mindermann blamed the increase on soaring rubber prices, driven by the Indian and Chinese automotive sectors and “limited worldwide rubber production.”