Nexen Raises European Prices 7%

Nexen Europe GmbH has announced that it will implement a price increase of 7 per cent across its ranges of car, 4×4 and van summer tyres. According to the company, the price increases has been prompted by the continuing series of prices increases the manufacturer has itself experienced in the commodity markets and also in logistics, which account for “a significant portion of Nexen Tire’s costs.” The situation has reportedly been exacerbated by the “ever weakening euro against the dollar” due to the fact that raw material and logistics deals are generally settled in dollars.