CHICAGO - Bridgestone Firestone North American Tire LLC (BFNT) will raise prices on its Bridgestone, Firestone and associate brand passenger, light truck, medium truck, bus, farm and OTR tires up to 8% on March 1, according to Modern Tire Dealer magazine.

Hikes will affect BFNT's replacement, original equipment and export channels.

"The continuing unprecedented upward spiral of energy and raw material costs makes this action necessary," says Asahiko “Duke” Nishiyama, vice chairman and president of BFNT.

"This unrelenting escalation of costs is simply not a situation that can be managed through the enhanced efficiencies and increased productivity that we are continually implementing at all levels of our company. As a result, we have no choice but to implement this price increase."

Originally posted on Fleet Financials

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