Hankook will raise prices
Hankook Tire America Corp. will increase prices on its full line of passenger, high performance, light truck and medium truck tires by 3% on July 1.
"The increase in prices reflects the industry's rising costs in raw materials, shipping and general operations," say Hankook officials.
"We're working hard to control our costs and at the same time expand our capacity in order to improve distribution and customer service," says Bill Bainbridge, Hankook's marketing director.
Michelin North America Inc. will boost prices on its MAST (Michelin Americas Small Tires) and private brand consumer tire offerings by an average of 3% four days later on July 5.
A number of tiremakers will raise prices on June 1:
* Bridgestone/Firestone North American Tire LLC (BFNT) will raise replacement and OE consumer tire prices up to 5% "across the board" in the U.S. and Canada. The price of some sizes of off-the-road tires may be increased by up to 8%.
* Pirelli Tire North America is raising prices an average of 3% across the company's branded and manufactured passenger and light truck tire lines.
* Continental Tire North America Inc. will hike prices on its Continental, General, Semperit and private brand consumer tires from 3% to 5%. It also will raise prices on its medium truck and OTR tires from 2% to 5%.
* Cooper Tire & Rubber Co. will raise prices on its major, associate and private label tires by up to 5%, depending on product line.
* Toyo Tire (U.S.A.) Corp. will increase prices on its consumer and commercial tires up to 4%.
* Yokohama Tire Corp. will boost consumer tire prices by 2% to 5%, while increasing its commercial tire prices by 2% to 4%. Yokohama's OTR tire prices will jump 2% to 3%
Goodyear implemented price increases of at least 2% on all its tire lines -- including commercial tires -- on May 1.