Hankook, Toyo announce price increases
Hankook Tire America Corp. and Toyo Tire (U.S.A.) Corp. are raising tire prices effective July 1, 2005.
Prices on Hankook's full line of passenger, high performance, light truck and medium truck tires will increase by as much as 6%. "The increases at Hankook are consistent with price hikes announced recently by other major tire manufacturers marketing their products in the United States," said the company.
"The increase reflects Hankook's rising costs in raw materials, particularly petroleum products, as well as higher costs in transportation and general operating expenses."
Toyo will increase prices up to 8% on all its product categories. "Continuing increases in raw materials and transportation costs makes it necessary to adjust Toyo prices," said Steve Weinger, senior vice president of sales and marketing.
"The price increases will vary by product line and/or size and may include changes in marketing specials (and) programs."
Goodyear Tire & Rubber Co. and Pirelli Tire North America Inc. (up to 5%), Yokohama Tire Corp. (up to 7%) and Kumho Tire U.S.A. Inc. and Bridgestone Firestone North American Tire LLC (up to 8%) recently announced they were raising consumer tire prices effective June 1.
Michelin North America Inc. is increasing prices on its original equipment and replacement passenger and light truck tires effective July 2005.