BFNT and BFCA announce price increases
Bridgestone Firestone North American Tire LLC (BFNT) and Bridgestone Firestone Canada Inc. (BFCA) have jointly announced price increases on the companies’ Bridgestone, Firestone, Dayton, associate and private brand tire lines.
The announced increases, up to 5% on passenger and light truck, truck and bus, and agricultural and off-the-road tires, will affect the replacement, original equipment and export channels. The price increases are scheduled to take effect May 1.
According to Asahiko "Duke" Nishiyama, president of Bridgestone Americas Holding Inc., parent company of BFNT and BFCA, "Our tire companies continue to face unprecedented increases in raw material costs, especially in natural rubber, carbon black and fabrics such as polyester and nylon. This situation has given us no choice but to take this action. Unfortunately, the impact of these rising costs simply can not be offset by the enhanced efficiencies and increased productivity that we continue to implement at all levels of our companies."
Earlier today, Toyo Tire (U.S.A.) Corp. announced price increases on its commercial truck tires of 5%, and a 7% price increase on its off-the-road tires effective April 1.