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Hankook to hike prices

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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.

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