American Tyre Manufacturers Announce Price Hikes to Meet Rubber Costs

Major American tyre-makers, Goodyear and Cooper have announced that they will raise North American retail prices by up to 6.5 per cent, tracking the continuing rise of raw material costs. Spokespeople for both companies told Bloomberg today that following the price rises implemented in June, materials such as rubber have continued to rise, making further hikes necessary.

The news source also states that Tokyo rubber trading has seen prices in the vital material rise by up to 43 per cent in the last 12 months. Both companies experienced stock market gains this afternoon on the back of their announcements.