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Michelin announces price increases in Europe

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Groupe Michelin will be raising tire prices in Europe in the upcoming months. The company says rising raw material costs have necessitated the increases.

The prices and effective implementation dates vary by segment.

* Passenger and light truck tire prices will be raised for all brands and across all market segments by an average of 5%. These increases will be gradually applied between April 1 and June 1.

* New and retreaded truck tire prices will be increased an average of 7% and will be implemented gradually between March 1 and April 1.

* Earthmover tire prices will be raised up to 7.5% in "most European markets" effective March 1.

* Agricultural tire prices in replacement markets will be raised by an average of 4%. These increases will be gradually implemented between April 1 and May 1.

In addition, motorcycle and scooter tires will be raised by up to 7.5%, effective March 1.

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