Goodyear plans tire price hikes

AKRON (Oct. 24)—Goodyear is planning a series of price increases in North America on all tire products during the fourth quarter to offset rising raw material, energy and labor costs, Goodyear Chairman and CEO Samir Gibara told analysts in a conference call today. But he did not specify the increases. The company also plans to streamline its product line in the coming year, reducing the number of tire sizes and types measurably, Gibara said. As a result, Goodyear´s capital spending will drop because the firm will need fewer molds.