"Due to continued record increases in the costs of raw materials and energy," Yokohama Tire Corp. says it will adjust prices on its consumer tires by up to 6%, effective July 1, 2008.
There will be in-line cost adjustments as well, which will be announced at a later date.
Commercial light truck, medium truck and off-the-road tires will not be affected by the increase, according to the company.
"We are doing our best to contain our costs, but raw materials, energy and transportation costs continue to reach record-high escalations," says Dan King, vice president of sales. "These costs, unfortunately, have to be reflected in Yokohama's pricing."
"It's a volatile business climate right now that's causing our costs to soar," adds Jim MacMaster, executive vice president of Yokohama's business division.
Yokohama is the latest tire company to announce the need for price increases. Toyo Tire U.S.A. Corp., Goodyear Tire & Rubber Co., Continental Tire North America Inc., Michelin North America Inc., Cooper Tire & Rubber Co., Pirelli Tire North America Inc., Falken Tire Corp., Federal Tire Corp. and Hankook Tire America Corp. also have announced price increases since April 30.
