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Rising raw material costs force Nexen's hand

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Nexen Tire America Inc. will raise prices on its Korea-made products 8% on Jan. 1, 2010.

"Once again, our industry is taking an increase in raw materials, and Nexen is not immune to the increase," says the company.

In addition to the price increase, Nexen's parent company, Nexen Tire Corp., has transferred the molds for its SB702 all-season high performance tire from China to Korea. "Look for adjusted pricing soon," says Nexen.

The company adds that back orders will not be affected by the price increase. "All factory-direct container orders submitted for January 2010 production will be affected by the... increases."

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