Hankook announces price increases across the board
Hankook Tire America Corp. will raise tire prices 3% across the board effective March 1, 2002.
The increases on its full line of passenger, high performance, light truck and medium truck tires reflect Hankook’s rising costs in raw materials, shipping, and general operations.
The 3% price hike is modest by industry standards, according to Jack Kim, general manager of Hankook Tire America. Some competitors are announcing first-quarter price increases of up to 6%.
Hankook is the latest tire manufacturer to announce a price increase. On Dec. 18, Toyo Tire (U.S.A.) Corp., Yokohama Tire Corp. and Kumho Tire USA Inc. said they will raise prices.
The recent round of price increases started on Dec. 7 when Bridgestone/Firestone North American Tire, a business unit of Bridgestone/Firestone Americas Holding Inc., announced it will hike its Bridgestone, Firestone, Dayton, associate and private brand passenger and light truck tire prices -- plus its Bridgestone and Firestone brand commercial truck tires -- up to 3% on Feb. 1 next year.
Goodyear Tire & Rubber Co., Michelin Tire North America Inc. and Cooper Tire & Rubber Co. soon followed suit with their own price increases.
Continental Tire North America Inc. and Falken Tire Corp. aren't planning any price increases, according to spokespeople from each company.