SANTA ANA, Calif.—Yokohama Tire Corp. will raise prices of commercial and OTR tires sold in the U.S. by up to 4 percent, beginning Sept. 1. The firm also anticipates some "in-line adjustments" on consumer tires.
"We reluctantly took a first-step price increase in early 2017 in response to the escalation in operating and material costs that peaked in late 2016," said Jeff Barna, Yokohama Tire's chief operating officer.
This will mark the second time this year that the YTC has implemented a price increase. In April, the firm increased prices on its consumer, commercial and OTR tires by 7 percent.
"That modest increase left us under-recovered, hence requiring us to take further action," Barna said.
Santa Ana-based YTC is the North American manufacturing and marketing arm of Tokyo, Japan-based Yokohama Rubber Co. Ltd.