Pirelli announces price hikes

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Pirelli Tire North America is raising prices on its consumer tire lines effective June 1, 2004. The price increase will average 3% across the company's branded and manufactured passenger and light truck tire lines.

"These price increases are the unfortunate result of considerable and unexpected increases in raw material costs worldwide," says CEO and President Guy Mannino.

"Looking at the positive side, the increases here in North America will be lower than in other parts of the world. For example, in Europe price increases will average 4% to 5%.

"Through the efforts of our dedicated North American work force, and the manufacturing efficiencies we have been able to achieve at our state-of-the-art MIRS (Modular Integrated Robotized System) facility here in Rome, Ga., we’ve been able to keep these cost

adjustments to a minimum."

Pirelli is the latest domestic tire manufacturer to announce a price increase effective June 1.

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%

Two other companies, Goodyear Tire & Rubber Co. and Michelin North America Inc., also announced price increases.

Michelin will boost prices on its MAST (Michelin Americas Small Tires) and private brand consumer tire offerings by an average of 3% on July 5.

Goodyear will implement price increases of at least 2% on all its tire lines -- including commercial tires -- on May 1.

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