WAYNE, N.J. (Feb. 17, 2011)—Hankook Tire America Corp. said it will raise prices in the U.S. by a weighted average of 7 percent on its full line of passenger and light truck tires, and an average of 9 percent on its medium duty truck tires.
The price hike will take effect on medium-duty truck tire shipments made on or after March 15. The increase on shipments of passenger and light truck tires goes into effect April 1. The Wayne-based tire marketer said the amount of increase will vary by product line and size.
“While Hankook remains committed to managing its manufacturing and distribution expenses,” the company said, “the continuing increases in the costs of energy, raw materials and transportation makes it necessary to make this price adjustment.”
Previously, Hankook increased prices up to 6.5 percent on its full line of passenger, light truck and medium truck tires on Dec. 1.