OSAKA, Japan (May 16, 2003) — Toyo Tire & Rubber Co. Ltd. will raise prices on its Toyo and Nitto brand tires for export an average of 5 percent.
The price increases affect all tire categories except off-road tires, the company said. Exact price adjustments vary by product line and country. The increases apply to tires exported primarily to the Middle East, Southeast Asia, Latin America, Africa and Oceania. The price hikes have been in effect since May 1 in some countries, though Toyo said implementation will vary by product line and country.
Toyo said the increase is to combat rising costs of raw materials and ocean freight.