By Denna Bowman
Bridgestone is set to increase the price of its passenger and light truck tyres by up to 6 per cent from 1st June.
The price hike applies to all Bridgestone, Firestone and associate brand replacement and original equipment tyres, but will only take place in the United States market.
Eduardo Minardi, chairman, CEO and president of Bridgestone Americas Tyre Operations LLC (BATO), said: “The steady increase in raw materials and energy costs made it necessary for us to take this action.
‘While we are successfully implementing measures at all levels of our company to enhance our efficiencies and increase our productivity, those efforts are simply not enough to overcome the escalation of raw material costs.”
Continental and Goodyear, two of the largest tyres manufacturers in the world, have already announced similar price rises due to the rising cost of materials, and analysts expect French tyre manufacturing giant Michelin to follow suit shortly.