Michelin announces price increases
Michelin North America Inc. announced it will raise tire prices for the second time in a year.
Effective August 1, Michelin will increase prices on its MAST (Michelin Americas Small Tires) brands by "up to 5%." In an official statement, the company says the increases are necessary "due to the continuing increase in raw material, manufacturing and logistics costs."
Goodyear Tire & Rubber Co. announced it was raising prices on most of its Goodyear, Kelly and Dunlop brand passenger and light truck tires up to 4% effective June 15. Aquatred 3 passenger and bias light truck tire prices will be raised by 5%.
Goodyear said it was raising prices to compensate for "unprecedented energy cost increases" and "increased labor cost due to the pattern agreement established by Bridgestone/Firestone Inc." and the United Steelworkers of America last year.