Michelin North America, Yokohama Announce Price Increases

Michelin North America, Yokohama Announce Price Increases

Both companies cited effects of raw material prices among the reasons for the price increases.

Photo credit: iStock.com/MorePixels
Photo credit: iStock.com/MorePixels

Michelin North America has announced it will increase prices up to 8 percent for its passenger, heavy-truck, earthmover, industrial-handling, agriculture and two-wheel segments across all of the company’s brands in the United States, Canada and Mexico.

This increase represents Michelin’s first price increase since 2012. The tiremaker noted the price increases are the result of net effects of raw material prices as well as the company’s market-leading technology enhancements, innovations and other market conditions.

Yokohama Tire Corp. also announced it will increase prices by up to 7 percent on all of its tires sold in the U.S., including consumer, commercial and off-the-road (OTR). The increase will go into effect April 1.

“This pricing action is necessitated by the high cost of raw materials and freight expenses that have impacted us in 2016 and will continue to be a factor in the business,” said Rick Phillips, Yokohama Tire vice president of sales. “As always, Yokohama will continue to bring the best product to market at competitive prices.”

 

Phillips added that some in-line adjustments across consumer, commercial and OTR lines will be determined within the month.

 

 

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