FINDLAY, Ohio (July 22)—Cooper Tire & Rubber Co. anticipates having to raise tire prices again this year to keep pace with rising raw material prices, Thomas A. Dattilo, chairman, president and CEO, told analysts July 22 during a conference call.
In addition, the firm is working overtime to relieve what Dattilo called a "stressed" supply situation. Demand is up for Cooper's products, but the company is struggling to fill all its orders because capacity is somewhat constrained at the moment as the firm works to reconfigure its domestic capacity and get its international supply contracts working 100 percent.
At this time the firm is not disclosing details of a pending price increase. Cooper has raised prices twice in the past year: up to 5 percent on all its flag, associate and private brand tires on June 1 and by 2 to 4 percent last Aug. 1.
In disclosing Cooper's intention on prices, Dattilo cited not only rising costs of petrochemical-based products like synthetic rubber, carbon black and chemicals, but also the costs of steel products, which have been rising because of international tariff situations.