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Continental, Cooper prepare for price increases

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Both Continental Tire North America Inc. and Cooper Tire & Rubber Co. will be raising prices on domestic passenger and light truck tires soon.

Continental (CTNA), in a letter to its dealers, announced it would be raising prices approximately 3% on its Continental, General and private brand consumer tires July 1. The increases will affect all the company's replacement sales channels.

Earlier today, Cooper announced price increases of between 2% and 4% beginning Aug. 1. The company said rising raw material costs were driving the increase.

The price increases will apply to "all Cooper customers," added a company spokesperson.

Cooper Tire and CTNA last hiked their passenger and light truck tire prices by 5% on Dec. 1, 2002.

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