Bridgestone Commercial Solutions will hike the price of truck and bus tires and tire retreads by 11 percent on average, the company said.
Bridgestone and Firestone truck tire and Bandag brand retread and related product prices will increase as of Aug. 1.
The price hikes from the world’s largest tire maker will combine with rising fuel, labor and truck equipment costs to put more pressure on truck rates.
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Several tire manufacturers have already raised prices or plan to do so this summer. Toyo Tire USA raised its commercial truck prices 9 percent effective July 5.
Michelin North America increased prices on Michelin and BFGoodrich commercial replacement truck tires an average of 12 percent effective July 1.
Prices for commercial truck or specialty tires are rising faster than those of automotive tires, with the price of mining equipment tires rising quickly.
Bridgestone, headquartered in Tokyo, said it is paying more for the raw materials it needs to make its products and is pinched by “intense supply pressures.”
“Bridgestone Commercial Solutions is certainly not immune to the rising costs of doing business,” said Kurt Danielson, president of the Bridgestone subsidiary.
Prices for raw materials are outpacing savings from internal productivity measures and steps to enhance manufacturing efficiency, Bridgestone said.
The $35 billion tire maker cited “historic high price levels” for raw materials such as natural rubber and petrochemical-based synthetic rubber and carbon black.
The company also said it will raise truck and bus tire prices in Japan for the second time this year, increasing tire prices 10 percent effective Sept. 1.