NASHVILLE, Tenn.—Bridgestone Americas Inc. and Sumitomo Rubber Industries' Falken and Ohtsu brands are among the latest to announce price increases.
Citing increased raw materials costs as reasons for the move, both Bridgestone and Falken said the price increases will take effect March 1.
Bridgestone's prices will increase up to 8 percent in North America and affects a range of passenger, light truck, truck and bus, off-the-road, and agricultural tires, as well as retread products and tubes, the company said in a Feb. 2 news release.
In a Feb. 1 news release, Sumitomo said it will increase prices by 5 percent on a weighted average basis for all Falken and Ohtsu Brand passenger, light truck and medium truck tires, also effective March 1.
A number of other tire manufacturers have announced price increases for products in recent weeks, saying the rising costs of raw materials is a main factor in the decision. Michelin, Goodyear, Yokohama Tire Co., Marangoni Industrial Tyre, Dynmaic Tire Corp. and Carlstar Group also have announced increases ranging from 5 to 8 percent.