One of the world's largest tire manufactures has just announced price increases, citing a shortage of raw materials. Bridgestone Firestone North America and Bridgestone Firestone Canada have just announced that customers can expect to pay up to 10 percent more for replacement tires when they next visit their service centre.
The increases will affect passenger and light truck, truck and bus, motorcycle, agricultural and off road tires.
"As a company we are faced with a shortage of the basic, critical raw materials used to make our tires. The result is a dramatic rise in prices for commodities such as butadiene, natural rubber and other materials. In addition, the continuing high prices for gasoline and diesel fuel affects every aspect of our business - from manufacturing to distribution - and makes this action necessary," said Asahiko Nishiyama, Vice Chairman and President of Bridgestone Americas Holding, Inc.
"Although we've worked continually to enhance efficiencies and increase productivity in all areas of our business, these efforts can not fully mitigate the escalation of costs that we're facing. As a result, we have no choice but to implement this price increase."
The Bridgestone price increases take effect from September first.
The increases will affect passenger and light truck, truck and bus, motorcycle, agricultural and off road tires.
"As a company we are faced with a shortage of the basic, critical raw materials used to make our tires. The result is a dramatic rise in prices for commodities such as butadiene, natural rubber and other materials. In addition, the continuing high prices for gasoline and diesel fuel affects every aspect of our business - from manufacturing to distribution - and makes this action necessary," said Asahiko Nishiyama, Vice Chairman and President of Bridgestone Americas Holding, Inc.
"Although we've worked continually to enhance efficiencies and increase productivity in all areas of our business, these efforts can not fully mitigate the escalation of costs that we're facing. As a result, we have no choice but to implement this price increase."
The Bridgestone price increases take effect from September first.