AKRON-Three more tire makers have announced plans to hike tire prices, partly in response to rising raw material and energy costs.
Wayne, N.J.-based Hankook Tire America Corp. said it will raise prices 3-5 percent across the board, on July 1. The U.S. unit of South Korean tire maker Hankook Tire Co. Ltd. did not provide a reason for its increase.
Effective July 1, Yokohama Tire Corp., the Fullerton, Calif.-based U.S. unit of Japan's Yokohama Rubber Co. Ltd., said it will raise prices 4 percent on Yokohama-brand truck and bus tires and up to 5 percent on all Yokohama-brand and associate-brand consumer products. It cited escalating raw material costs as the reason for the increase, and said Yokohama dealers have been notified of the price hikes.
Also blaming rising energy and raw material costs, Kumho Tire U.S.A. Inc., based in Fontana, Calif., said it will boost the price of its passenger and light truck tires 3 to 5 percent, effective July 1. Prices of its medium truck tires will remain unchanged. The company is a unit of South Korean tire maker Kumho Industrial Co. Inc.
The U.S. Consumer Tire Group of Nashville, Tenn.-based Bridgestone/Firestone Inc. said it is raising prices by up to 4 percent on Bridgestone- and Firestone-brand replacement passenger and light truck tires. The increases, which take effect July 1, will vary by product line, BFS said.
Earlier, BFS announced it will hike prices of its Bridgestone- and Firestone-brand medium truck and bus radial tires 4 percent effective July 1. Prices of the company's Dayton-brand medium truck and bus tires will get a 3-percent increase.
Other tire manufacturers recently announcing price increases include Continental Tire North America Inc., Cooper Tire & Rubber Co., Goodyear, Michelin North America Inc. and Pirelli Tire North America.