WAYNE, N.J. (Dec. 24, 2001) — Hankook Tire America Corp. will raise prices 3 percent on its passenger, high-performance, light truck and medium truck tires effective March 1.
The company said the increase reflects the rising costs of raw materials, shipping and general operations.
Hankook said the increase is consistent with price hikes recently announced by other tire manufacturers, including Goodyear, Michelin North Americas Small Tires, Bridgestone/ Firestone, Cooper Tire & Rubber Co., Pirelli Tire North America, Toyo Tire (U.S.A.) Yokohama Tire Corp. and Kumho Tire U.S.A.
Jack Kim, general manager of Hankook Tire America, called the company's price increase modest by industry standards. “Some competitors are announcing prices increases of up to six percent in 2002,” Mr. Kim said.