Bridgestone Australia Ltd. Group Announces Price Increase of up to 5%
Tyre industry market leader Bridgestone Australia Ltd has announced price increases of up to 5% as a result of escalating raw material prices.
The increase will affect most tyre products, tubes, retreads and services from August 1st 2008.
Mac Ohashi, Chairman and CEO, said the Company had absorbed the effect of rising raw material costs for as long as possible.
"We have seen very significant continued upward price pressure on raw materials such as oil, natural rubber, synthetic rubber, steel and carbon black in combination with increased energy and transportation costs," Mr Ohashi said.
"This price increase will only partially offset the impact of these costs. However, we need to move to protect our Australian manufacturing and retail operations and the people who rely on them for their livelihoods.
"We believe this is not only necessary but prudent and responsible and a demonstration of our continuing commitment to providing the market with the very best products and services."