Yokohama Rubber increases export tyre prices up to 15%

The Yokohama Rubber Co., Ltd., announced today that it will increase the prices of its export tyre products starting from April 2011, due to sharply rising raw material costs. The price increases will apply to all tyre products for passenger cars, light trucks, trucks and buses, and vehicles for construction and industry, for all markets outside Japan. The company said it will “endeavour to hold the increase within a maximum of 15 per cent, but higher prices may be necessary for specific regions or products.”

Publishing the news in an official statement, the company explained that raw material costs lay behind the price hike: “the dual facts that costs of raw materials including natural rubber have both skyrocketed and remain at extremely high levels. Despite continuous efforts to boost productivity and efficiency to offset those costs, the company has reluctantly concluded that it has no choice but to increase the prices of its export tyre products at this time.”

While the company said it would aim to keep this price increase to a maximum of 15 per cent in most cases, the company did not rule out further price increases: “Trends in costs of raw materials are uncertain. If current situation continues, further action may be necessary in the future.”

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