Bridgestone, Michelin Announce Further Tire Price Hikes, Cite Raw Materials Costs

[hatrack]

TOKYO, Japan/PARIS, France – In February the world’s two biggest tire makers Michelin and Bridgestone pointed to further raw material prices increases hitting the market. French tire giant Michelin kicked off a fresh round of price rises in Europe, passing on a spike in raw material prices including natural rubber, synthetic rubber, steel and oil.

The increases, to take effect between March 15 and July 1, will hit both consumers and businesses, likely adding to price inflation and possibly slowing economic growth.

Japan’s top tire maker Bridgestone forecast a 22 percent drop in operating profits in 2008 rooted in "rising prices for raw materials, after healthy sales and a weaker yen drove earnings above expectations in 2007“.

EDIT

http://www.bike-eu.com/news/2719/top-tire-makers-announce-further-price-increases.html