Rising raw material costs have taken their toll on Bridgestone Americas Inc., making price increases a necessity.
The Bridgestone Off Road Tire, U.S. & Canada Commercial Tire Sales division will increase prices on its mining, construction and industrial tires by 12%, "with some in-line adjustments." The increases are scheduled to begin March 1, 2011.
The Bridgestone Agricultural Tire, U.S. & Canada Commercial Tire Sales division also announced a price hike. The 4% increase will go into effect one month later, on April 1, and will apply to the following:
* Firestone agricultural, construction and forestry tires;
* Bridgestone garden tires; and
* Regency tires sold in the United States and Canadian replacement markets.
"While we make every effort to absorb cost fluctuations through efficiencies, the widespread rise in the cost of raw materials, fuel and transportation have made these adjustments necessary at this time,” says Saul Solomon, president of commercial tires for the U.S. and Canada.
In 2010, the company raised mining, construction and industrial tire prices on Sept. 1 (2% to 7%), and "farm and OTR" tire prices on Nov. 1 (up to 8%).
The announcement comes on the heels of a 12% price increase on Bridgestone and Firestone brand radial truck and bus tires in the United States. The increase went into effect Feb. 1.
On the retail side, Bridgestone Americas Tire Operations LLC announced it will raise replacement and original equipment consumer tire prices on April 1, 2011 (for more information, click on "No April Fool's joke: Bridgestone will raise prices").
