Sumitomo will raise export prices on four brands
SRI (Sumitomo Rubber Industries) Tire Trading Ltd. will increase the export prices of Dunlop, Falken, Sumitomo and Ohtsu brand tires for passenger cars, light trucks, trucks and buses and motorcycles.
Most of the price increases will range from 5% to 10% depending on tire categories, sizes and markets. The maximum increase will be approximately 15%.
The price increases will go into effect in November (specific dates will depend on the market). They will apply to the following markets:
* Near and Middle East;
* North America;
* Central and South America;
* Africa; and the
* Pacific nations.
"The tire prices will be increased because the prices of tire materials, including natural rubber and crude oil, are going up and apt to surge again, and the company cannot absorb such additional costs by their own internal efforts," says SRI.