[13 Nov] Goodyear to Raise Price on North American Consumer Tires

Goodyear Tire & Rubber Co. said it will increase its North American consumer tire prices by as much as 6% amid rising raw material prices.

The price increase starts Dec. 1, Goodyear spokesman Jim Davis confirmed Thursday. This is the first increase the tire maker has initiated in about a year.

The Akron, Ohio, company is attempting to head off the upward swing in natural rubber and oil-based materials. The company hinted at its rising raw material costs during its third-quarter conference call in October.

Goodyear has used price increases in the past and remained focused on producing more high-end tires to sidestep some of the financial problems experienced by its rivals. The company, however, expects its fourth-quarter earnings in North America to drop by as much as $125 million amid cost issues in its commercial tire unit.

Shares of Goodyear rose 3.3%, or 45 cents, to $13.98 in trading Thursday.

(Source: http://irco.biz)