AKRON — Sumitomo Rubber North America Inc. (SRNA) and Yokohama Tire Corp. (YTC) are planning to raise prices on various tire lines Aug. 1 in North America.
SRNA said it will increase prices in the U.S., Canada and Puerto Rico by up to 8% on Falken- and Ohtsu-brand passenger, light truck and medium truck/bus tires as well as implementing inline adjustments on a per size basis.
The company, a subsidiary of Japan's Sumitomo Rubber Industries Ltd., cited several factors for the price increase including increased costs in both transportation and labor, raw materials in addition to other market factors.
Yokohama will raise prices by an undisclosed amount on consumer replacement tires and commercial truck tires sold in the U.S. YTC cited the "unprecedented increase" in the cost of raw materials and the ongoing rise of operational costs necessitated the price adjustments.
This will be the third price increase in the past eight months for both companies.
SRNA raised prices May 1 in the U.S. and Canada on Falken- and Ohtsu-brand passenger, light and medium truck tires and Dunlop motorcycle tires by up to 8%, and on Jan. 1 by up to 8% on Falken- and Ohtsu-brand passenger and light truck tires.
YTC raised prices May 1 on all replacement market passenger, light truck and medium truck tires sold in the U.S., and before that on Nov. 1 consumer replacement tires, by up to 5%, and on Dec. 1 on "select" commercial truck and bus tires by up to 6%.