Bridgestone, Putzmeister Raising Prices

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Bridgestone tire.

Bridgestone has announced it will increase prices up to 8 percent on its U.S. and Canada Bridgestone and Firestone OTR tires, and Firestone Ag Tires and Tubes portfolios.

It will also increase prices an average of 14 percent on the Firestone Tracks portfolio. This price adjustment is a necessary step as Bridgestone continues to manage market dynamics, including escalated logistics, business, and raw material costs.

The new pricing will take effect June 1, 2021. Price adjustments will be implemented at the specific pattern and article level for each business. Specific details will be communicated by Bridgestone account managers directly to National Account customers, OEMs and dealers no later than May 18.

Concrete pump manufacturer Putzmeister has also announced a price increase by as much as 6 percent on a model-by-model basis.

The validity of existing offers will remain as stated on the issued documents, the company says. New quotations issued from April 15 onward will be subject to the above listed price increases.

Putzmeister cites shortages for key raw materials and components, along with border restrictions during the Covid-19 pandemic and a significant shortage of ship cargo containers that has destabilized global supply chains and availability of materials.

"All these trends led to a significant increase of the costs base for Putzmeister as a machinery manufacturer," said Robert Bartholomew, Putzmeister president and CEO, listing double-digit percentage hikes in copper, rubber, and steel since September 2020.

"In addition to these increases in material cost, the transportation cost has also gone up in a way we have never experienced in the past," Bartholomew said. "Cargo freight rates are up 200 percent, and transportation of materials or parts by trucks is up more than 35 percent. As global demand increases throughout 2021, the cost of inflation is expected to remain."
 
Sources: Bridgestone, Putzmeister