Hankook Tire America Corp. will raise prices up to 8% on its full line of passenger, high performance and light truck tires effective July 1, 2008. At the same time, the company will raise prices up to 5% on its medium truck tires.
The amount of the increase will vary by product line and/or size.
Hankook says the price increases are consistent with price hikes announced recently by other major tire manufacturers. (Goodyear Tire & Rubber Co., Continental Tire North America Inc., Michelin North America Inc., Cooper Tire & Rubber Co., Falken Tire Corp. and Federal Tire Corp. have announced price increases since April 30.)
"While there is never a good time to announce a price increase, on this occasion it is essential to ensure ongoing support and service to our customers," says Dan Wheeler, Hankook's director of dealer programs.
"As demand for our products has continued to grow, our improvements in productivity and expansion in our plants have not been able to fully offset the sharply increased costs of raw materials and energy used in the production, shipping, and distribution of tires."