Hankook announces Nov. 1 price increases
Hankook Tire America Corp. will raise prices by up to 6.5% 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 and size.
“While we remain focused on controlling our manufacturing and distribution expenses, the costs of energy, raw materials, and transportation has continued to rise making it necessary for us to make this price adjustment,” says Todd Hershberger, senior vice president.
Hankook last raised prices on its consumer and commercial tires on June 1, 2010, when it announced increases of up to 6%.
Hankook is the fourth tire manufacturer to announce upcoming price increases as a result of escalating costs. Goodyear Tire & Rubber Co. will raise its consumer tire prices up to 6% on Oct. 1.
Cooper Tire & Rubber Co. will raise consumer tire prices in North America as much as 6.5% effective Nov. 1. And Pirelli Tire North America will raise consumer tire prices in the United States up to 7% effective Dec. 1.
For a look at the participants in the previous round of price increases, click "Tire price increases: updating them all."