Cooper to Raise Prices Again July 1
FINDLAY, OHIO -- Cooper Tire & Rubber Co. will have another price increase in North America effective July 1 of up to eight percent, according to Modern Tire Dealer magazine. This follows a price hike the company put in place in February. Both increases are necessary to counter record high prices of rubber, oil-based products, and steel.
Cooper tire brand product mix has improved, especially in the premium touring tire and light truck tire lines. Plants are being run full-out to increase inventory to meet the needs of seasonal sales from June to November. Fill rates in the first quarter were close to 92 percent, and the company wants to hold it there or higher.
The company made strategic decisions to eliminate some non-profitable lines to attack complexities and decrease exposure from non-moving lines.