The increase is due to the continued escalation of raw material costs.
Oliver sells retread rubber under the Oliver and MegaMile brands for commercial, industrial and OTR tires. Oliver Rubber has a network of Oliver brand licensees throughout North America. It operates a retread rubber production facility in Asheboro, N.C., and a retread equipment division in Salisbury, N.C. The company is a wholly owned subsidiary of Michelin North America.