DIAMOND BAR, Calif. (Nov. 30, 2009)—Citing an increase in raw materials costs, Nexen Tire America Inc. said it will increase prices 8 percent on its Korea-made products, effective Jan. 1.
The company also said it recently transferred the molds for its SM702 passenger tires from China to a production facility in Korea. The tires come in the following sizes, according to Nexen's Web site: 165/70R13; 175/70R13; 175/70R14; 185/70R13; 185/70R14; 195/70R14; 205/70R14; 205/70R15; 215/70R15; 225/70R16; P205/70R15; and P215/70R15.
A detailed price list will be distributed by Dec. 4, Nexen said, noting: “Look for adjusted pricing soon.”
All back orders will not be affected by the price hikes, Diamond Bar-based Nexen said, while all factory-direct container orders submitted for January production will be affected.
In a letter to Nexen Tire's customers, John Aben, vice president of sales and marketing, said 2009 has been “a very challenging year for business and the tire industry was no exception. Together we have been and will continue to work hard to ensure our growth and success together.”