AKRON-General Tire and Pirelli Armstrong Tire Corp. are among four tire companies that have joined a growing list of manufacturers announcing flag brand price increases in an effort to defray rising raw material costs. General, which earlier announced a 3 to 4 percent price hike on its private brands for April 1, will now increase prices on the General and Continental brands 3 to 5 percent on May 1.
Pirelli Armstrong will raise prices 3 to 4 percent on all Pirelli and Armstrong brand passenger and light truck tires April 1, as well as make some in-line adjustments.
Yokohama Tire Corp., citing the fluctuation in the Japanese-U.S. currency exchange rate, will institute a 3 percent price hike across the board March 1.
Likewise, Hankook Tire America Corp. plans an across-the-board price increase of 2 to 3 percent as early as April.
Goodyear, Bridgestone/Firestone Inc., Michelin North America, Cooper Tire & Rubber Co. and Dunlop Tire Corp. previously announced they would raise tire prices an average 3 percent on flag, associate and private brands in the coming months.
However, industry analysts predict that due to the competitive nature of the market, tire makers may realize only about a 1.5 percent increase in prices.