Bridgestone hiking tire prices 3-5
TOKYO-Bridgestone Corp. has begun raising tire prices 3-5 percent in Asian markets outside of Japan, Oceania, the Middle East and Africa to cover rising costs of raw materials, including natural rubber, synthetic rubber, carbon black and some chemical additives.
The price increases, which vary by product and by market, cover radial and bias passenger, light truck, truck and bus tires selling under the Bridgestone and Firestone brand names.
Yokohama to expand in Philippines
TOKYO-Yokohama Rubber Co. Ltd. will invest $16.7 million this year to expand capacity at its Pampanga, Philippines, plant by 25 percent.
The facility, operating as Yokohama Tire Philippines Inc., will step up production of 16-inch and larger performance tires for passenger cars and sport-utility vehicles, demand for which is growing internationally, Yokohama said. By year-end, these larger sizes will account for about 30 percent of the plant's annual output of 2.5 million units.
Michelin hikes stake in Polish tire unit
CLERMONT-FERRAND, France-Group Michelin now owns nearly 99 percent of the stock in its Stomil-Olsztyn S.A. subsidiary, having acquired 28.5 percent of shares in the Polish tire maker that it did not already own.
Michelin, through its Compagnie Financiere Michelin unit in Switzerland, paid $95.2 million (46.50 Polish zlotys per share) for the ownership stake. Michelin originally purchased a 52-percent stake in Stomil-Olsztyn S.A. for $112 million in December 1995.