Join the club: Kumho announces price increases
Kumho Tire U.S.A. Inc. will raise prices by up to 6.5% (excluding in-line adjustments) on its full line of passenger, light truck and medium truck tires, effective Nov. 1, 2010. The amount of the increase will vary by product line.
“Our industry continues to experience a significant rise in raw material costs," says J.B. Kim, CEO and president.
"Our best efforts to offset rising raw material, energy and transportation costs with improved efficiencies have yielded benefits. However we have not been able to completely neutralize these costs. Therefore, we find it necessary to increase prices at this time."
Kumho last raised prices on its passenger and light truck tires on June 1, 2010, when it announced increases of up to 8%.
Kumho is the latest tire manufacturer to announce or implement fall season price increases because of rising costs.
* Hankook Tire America Corp. also will raise prices up to 6.5% on its consumer and commercial tires, effective Nov. 1. The amount of the increase will vary by product line and size.
* Cooper Tire & Rubber Co. will raise consumer tire prices in North America as much as 6.5% effective Nov. 1.
* Pirelli Tire North America will raise consumer tire prices in the United States up to 7% effective Dec. 1.
* Goodyear Tire & Rubber Co. raised its consumer tire prices up to 6% on Oct. 1.
For a look at the participants in the previous round of price increases, click "Tire price increases: updating them all."