Sumitomo Rubber raises prices in North America
SRI Tire Trading Ltd. will increase export prices on its Dunlop, Falken, Sumitomo and Ohtsu brand tires beginning in January, 2011.
The hikes will range from 5% to 10% on most passenger, light truck, truck, bus and motorcycle tires in North America; Central and South America; Europe; Asia; Near and Middle East; Africa; and the Pacific nations. SRI says the maximum increase will be "approximately 15%... depending on tire categories, sizes and markets."
Some of the price increases will be implemented beginning in January, specific dates for the rest of them will depend on the market.
"The tire prices will be increased because the price of natural rubber si still increasing after it reached the record high and other major raw materials for tires stay at the high prive levels, and the company cannot absorb such additional costs by their own internal efforts including productivity enhancement and cost reduction," adds SRI.
SRI Tire Trading is a subsidiary of Sumitomo Rubber Industries Ltd.