Michelin North America and Bridgestone Americas Tires have both announced price increases for each company's tire lines as a result of rising material costs and other market conditions.
Michelin will increase prices up to 8% for its passenger, heavy-truck, earthmover, industrial-handling, agriculture and two-wheel segments across all brands in North America.
The company says the increase will be implemented separately by individual segments. Customers will be notified directly with specific details, but Michelin didn't say how quickly it will roll out the price hikes.
Michelin says this represents its first increase since 2012.
Bridgestone Americas Tires is also increasing prices by 8% across a range of commercial and non-commercial tire lines. The increases will also affect the company’s retread products and tubes in North America.
The new pricing will take effect on March 1, 2017, and will vary by business unit and product line.
Both companies join several others that have announced price increases including Cooper Tire, Goodyear, and Yokohama.