Toyo announces price increases
Toyo Tire (U.S.A.) Corp. will raise prices on all its tires effective March 1, 2002. Increases will be as follows:
* up to 4% on passenger and light truck tires;
* up to 3% on medium truck tires;
* up to 2% on off-the-road tires.
Toyo is the latest in the growing number of tire manufacturers announcing price increases. All the increases will go into effect during the first quarter of next year.
On Dec. 18, both Yokohama Tire Corp. and Kumho Tire USA Inc. said they will raise prices.
A Yokohama spokesperson said the company will raise its OTR tire prices by 2.5% on January 1. The company will hike its medium radial truck and light truck commercial tire prices up to 3% and its high performance, passenger and light truck tire prices up to 4% on Feb. 1.
Kumho reported it will raise passenger, light truck and medium truck tire prices on March 1.
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., Hankook Tire America Corp. and Falken Tire Corp. aren't planning any price increases, according to spokespeople from each company.