NASHVILLE, Tenn.(Nov. 21, 2003)—Bridgestone/Firestone North American Tire L.L.C. (BFNT) and Bridgestone/Firestone Canada are raising tire prices by up to 5 percent effective Jan. 1.
The price hikes affect Bridgestone, Firestone, Dayton and private brand tires, both original equipment and replacement, in the consumer, truck/bus, agricultural and off-the-road tire categories.
"We have been confronted with an unprecedented escalation of raw material costs," said Mark Emkes, chairman, CEO and president of BFNT. "In order to address and attempt to minimize the impact of these rising costs, we have taken very strong measures in all of our facilities to increase efficiencies and productivity levels. Unfortunately, since the dramatic cost increases can not be totally offset by these efforts, we are taking the action we have announced today."
Four other tire makers also have announced recent price hikes.
Goodyear is raising prices of its consumer tires by 2-3 percent, commercial tires by 4-6 percent and retread materials by up to 6 percent, effective Dec.1.
Also effective that date, Kumho Tire U.S.A. Inc. is boosting prices of its passenger and light truck tires 3-5 percent, and Continental Tire North America is increasing prices on its medium and heavy radial truck and off-the-road tires also by 3-5 percent. The Conti increase affects Continental, General, Semperit and private brand tires.
Effective Feb.1, Michelin North America Inc. will raise prices up to 5 percent on some passenger and light truck replacement tires. The firm said the increases will affect select Michelin, BFGoodrich, Uniroyal, private and associate brands.