TOKYO (Sept. 28, 2004) – Sumitomo Rubber Industries Ltd. will increase the prices of Dunlop-, Falken- and Sumitomo-brand tires it exports by 3 to 4 percent by year-end.
The price increase, announced by Sumitomo's SRI Tire Trading Ltd. subsidiary, affects passenger, light truck and medium truck and bus tires exported to North, Central and South America, Europe, the Middle East and Asia.
The price adjustment varies by country and product.
Sumitomo cited escalating prices of natural rubber and oil-related materials, “which are beyond (the) company's efforts to absorb them without increasing tire prices.”
Sumitomo last raised export tire prices in January, by 3 to 5 percent.