Goodyear Tire & Rubber Co. has informed its commercial customers of a 4% increase in Goodyear-branded commercial tires effective Oct. 15.
The move is based on "dramatic increases in raw material costs, primarily natural rubber," according to the company.
Natural rubber pricing has increased by 75% over the last year, says Ted Fick, vice president of Goodyear's commercial tire
business in North America.
"Our continuing goal is to reduce costs for our
customers through superior products and services, but these increases in
raw materials must be recovered."
China Manufacturers Alliance LLC (CMA) also has told its suppliers it is raising prices 1.5% to 2% on medium truck tires effective immediately.
Earlier this year, Kumho Tire U.S.A. Inc. and Cooper Tire & Rubber Co. raised medium truck tire prices 3% and 5%, respectively. Both increases went into effect July 1.
Rising raw material, fuel and transportation costs were cited for the increases.
