Yokohama Tire Corp. announced a price increase of up to 4 percent on all of its commercial and off-the-road (OTR) tires in the United States as of Sept. 1.
“We reluctantly took a first-step price increase in early 2017 in response to the escalation in operating and material costs that peaked in late 2016,” said Jeff Barna, COO of Yokohama. “That modest increase left us under-recovered, hence requiring us to take further action.”
The company is the North American arm of Yokohama Rubber Co. of Japan, which is celebrating its 100th anniversary in 2017.
In late 2015, the company opened its first new U.S. plant in Mississippi. It is expected to produce 1 million commercial tires annually when running at full production later this decade.