Yokohama Tire Corp. said it will raise prices on its U.S. commercial vehicle tires by up to 8%, effective Feb. 1.
鈥淢anufacturing and logistics costs associated with commercial products, unfortunately, have continued to be at high levels,鈥 said Rick Phillips, Yokohama鈥檚 North American director of commercial sales.
鈥淭hese, along with domestic and global economic pressures, have made initiating the price increase unavoidable,鈥 Phillips said in a statement released Tuesday.
Crude oil and natural rubber, two of the major raw materials used in tire-making, have moved in different directions recently, with oil rising and rubber falling, according to pricing data from Bloomberg News.
Yokohama鈥檚 global headquarters are in Tokyo and its North American division is based in Fullerton, Calif.
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