Bridgestone Firestone announced it will increase prices up to 8 percent on truck, bus, agricultural and off-road tires Nov. 1 in the United States and Canada.
The increasing prices of raw materials are to blame, the company said. Petroleum price spikes have affected the prices of synthetic rubber and carbon black, said Duke Nishiyama, president of Bridgestone Americas Holding.
“That, combined with rising natural gas costs and natural rubber prices, has given us no choice but to take this action,” Nishiyama said. “Unfortunately, these dramatic raw material cost increases simply cannot be offset by the enhanced efficiencies and increased productivity that we have implemented at all levels of our company.”