Bridgestone Firestone North American Tire and Bridgestone Firestone Canada Inc. have announced price increases on the companies' name brand tire lines, as well as all associate brand tires. The announced increases, up to 10 percent, on motorcycle, agricultural, passenger and light truck, truck and bus, and off-road tires, will affect the replacement, original equipment and export channels. The price increases are scheduled to begin Sept. 1.
"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 "Duke" Nishiyama, vice chairman and president of Bridgestone Americas Holding, Inc., parent company of BFNT and BFCA. "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."