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U.S. consumers to pay up to 15 percent more as company's costs rise
By Alex Ortolani
Bloomberg News
Published on Wednesday, Jul 02, 2008
Michelin & Cie., the world's second-largest tire maker, is raising U.S. prices as much as 12 percent on replacement tires for cars and light trucks because of higher costs for raw materials, energy and transportation.
Prices also will increase up to 8 percent for commercial-truck replacement tires, the French company's North American unit said in a statement. The revisions take effect Sept. 1, Michelin said.
The announcement comes less than two months after Chief Financial Officer Jean-Dominique Senard said at the annual shareholders meeting that Michelin would increase prices ''when we judge it opportune.'' In those May 16 remarks, he blamed a ''very severe'' rise in raw-material costs.
Rubber prices in Tokyo have climbed 13 percent this year, driven by expectations that demand for tires will outpace supply of the material, as well as a 46 percent jump in oil prices that makes the synthetic alternative more expensive.
Michelin also said it will boost prices as much as 15 percent for motorcycle, scooter and bicycle tires sold in the U.S., Canada and Mexico.
The company said Monday that prices for aircraft tires would increase up to 9 percent.
On June 10, it said it would raise prices for truck and bus tires in Asia as much as 12 percent starting this month.
Michelin is the parent company of B.F. Goodrich and Uniroyal operations in North America.
Michelin & Cie., the world's second-largest tire maker, is raising U.S. prices as much as 12 percent on replacement tires for cars and light trucks because of higher costs for raw materials, energy and transportation.
Get the full article here.
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