Hankook to hike prices
Hankook Tire America Corp. has joined the latest round of tire manufacturer price increases.
Hankook will boost prices on its passenger, high performance, light truck and medium truck tires from 2% to 4%, effective Jan. 1, 2004.
"The increase in prices reflect the industry's rising costs in raw materials, shipping and general operations," say Hankook officials.
Both Goodyear Tire & Rubber Co. and Continental Tire North America Inc. (CTNA) raised prices on various lines yesterday.
Goodyear boosted its consumer tire prices from 2% to 3% and hiked its commercial tire prices from 4% to 6%.
CTNA increased its medium/heavy truck and OTR tire prices from 3% to 5%.
Michelin North America Inc. (MNA) also announced earlier this week that it will increase its commercial tire prices by 5% on the first of the year.
MNA is raising prices on select passenger and light truck tires up to 5% the same day.
Bridgestone/Firestone North American Tire LLC will hike consumer, medium truck, bus, farm and OTR tire prices up to 5% on Jan. 1.
Yokohama Tire Corp. will raise prices on its commercial tires from 3% to 5% on Jan. 1, as well.
All tire companies who have announced pending price increases cite rapidly escalating raw material costs as a major reason for the adjustments.