Price of Bridgestone tyres to rise by 5pc

Tyre manufacturer Bridgestone will increase prices by 5 percent from August 1

June 22, 2011

Bridgestone will increase the price on all of its tyre products by an average of 5 percent from August 1, blaming the high cost of raw materials.

Labelling the increase unavoidable, Bridgestone says the price rise will apply to passenger, light truck, truck, agricultural and industrial products, tubes and retreads.

"The current costs of raw materials such as natural rubber, oil derived materials and others are maintaining their recent historic high levels," Bridgestone Chairman and Managing Director Nobuyuki Mieno says.

"We are carefully monitoring the material price trends and fluctuations. However, based on the 2011 year-to-date levels, even after the last price increase and with the current high Australian dollar, we still have a significant gap to cover."

Mieno says the company is trying to absorb the cost increases through efficiency improvements within Bridgestone.

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