Sumitomo, Toyo plan price increases in North America

AKRON—Sumitomo Rubber North America (SRNA) and Toyo Tire U.S.A. Corp. plan to raise prices on their tire lines, effective Jan.1 and Feb. 1, respectively.

The increases will be the fifth for SRNA and fourth for Toyo in the past 12 months.

SRNA plans to increase prices by up to 8 percent on Falken-, Ohtsu- and private-brand passenger and light truck tires as well as implementing inline adjustments on a per size basis.

The price increase will impact dealers in the U.S., Canada and Caribbean.

SRNA said several factors have driven the need for this price increase, including increased costs in both transportation and labor, raw materials and other market factors.

The latest price hike comes after a year of price increases by SRNA and other tire manufacturers.

SRNA previously issued price increases of up to 10 percent on Oct. 1 on Falken- and Ohtsu-brand passenger, light truck and medium truck tires and in increments of up to 8 percent each on Aug. 1, May 1 and Jan. 1.

Toyo Tire U.S.A. will increase the dealer base prices on passenger car, light truck and commercial truck tires by up to 10 percent, effective Feb. 1.

Toyo said the price hike is a result of continued increases in raw materials and logistics costs.

Toyo previously raised prices by up to 2-8 percent on passenger and light truck tires Nov. 1, on all tire categories in the U.S. by up to 8.5 percent Aug. 1, and on most consumer and commercial tires in the U.S. and consumer tires in Canada by up to 6 percent May 1.