Bridgestone Firestone to Hike Prices by Up to 10%
Bridgestone Firestone North American Tire said Thursday that it will raise prices by up to 10% on all of its truck, bus, pickup and passenger tires because of higher raw materials costs, and persistently high fuel prices.
The increase is effective Sept. 1, the company said in a statement.
“As a company we are faced with a shortage of the basic, critical raw materials used to make our tires,” said Asahiko Nishiyama, president of Bridgestone Americas Holding, Inc., parent company of BFNT.
“The result is a dramatic rise in prices for commodities such as butadiene, natural rubber and other materials,” Nishiyama added. “In addition, the continuing high prices for gasoline and diesel fuel affects every aspect of our business – from manufacturing to distribution – and makes this action necessary.”
Bridgestone Firestone last raised prices on its truck tires by 4% Nov. 1, citing escalating costs for raw materials.
Michelin & Cie., the world's second-largest tire maker, on July 1 announced its second price hike of 2008 when it said that it will increase U.S. commercial truck tire prices as much as 8% because of higher costs for raw materials, energy and transportation.
The increase is effective Sept. 1, the company said in a statement.
“As a company we are faced with a shortage of the basic, critical raw materials used to make our tires,” said Asahiko Nishiyama, president of Bridgestone Americas Holding, Inc., parent company of BFNT.
“The result is a dramatic rise in prices for commodities such as butadiene, natural rubber and other materials,” Nishiyama added. “In addition, the continuing high prices for gasoline and diesel fuel affects every aspect of our business – from manufacturing to distribution – and makes this action necessary.”
Bridgestone Firestone last raised prices on its truck tires by 4% Nov. 1, citing escalating costs for raw materials.
Michelin & Cie., the world's second-largest tire maker, on July 1 announced its second price hike of 2008 when it said that it will increase U.S. commercial truck tire prices as much as 8% because of higher costs for raw materials, energy and transportation.
