Goodyear (GT) is raising tire prices.
Spokesman Jim Davis says Goodyear Tire & Rubber Co. will raise the price on all consumer replacement tires sold in North America by 6 percent starting Dec. 1.
Davis says higher raw material costs are behind the move. The increase is the company's first since September 2008, when it raised prices more than 10 percent.The higher prices will be felt by the company's dealers and distributors, who buy replacement tires directly from Goodyear. Davis says it is up to them whether they pass the increase onto consumers.
Goodyear posted a higher third-quarter profit last month, though it is forecasting an operating loss in its key North America market.
Copyright 2009 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. Active hyperlinks have been inserted by AOL.
Finding Stock Ideas
Learn to do your research and find investments.View Course »