Michelin to increase tire prices in Europe
French tire manufacturer, Michelin, is planning to raise the price of its car/light truck, truck and farm vehicle tires in Europe, due to an increase in raw material costs.
According to Michelin, car and light truck tires will rise by 3.5%. For UK and the CIS countries, the increases will be 7% and 6%, respectively, to offset the negative impact of the local currencies compared to the Euro. The company has announced that the truck tire prices will rise by 3.9% in continental Europe and 8.7% in UK. For farm vehicle tires, the increase will vary from 2% to 5%, depending on the brand and range. In the UK, the price of farm vehicle tires will be raised between 6% and 9%. The increases will take effect between March 15 and July 1, 2008, depending on the country and type of tire.
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