Titan to raise prices to offset costs

Titan Tire Corp., a subsidiary of Titan International Inc., said Friday it will raise prices on tires and assemblies for original equipment manufacturers.

The increase, which is effective July 1, will range between 7 percent and 37 percent, depending on the tire, Titan said.

Titan said the increase is needed to offset the rising costs of natural rubber, bead wire and oil-based material such as synthetic rubber and carbon black.

Overall synthetic rubber shortages have also contributed to rising raw material costs, the company said.

Shares of Titan International, which supplies wheels and tires for agricultural and construction machinery, fell 32 cents to $41 in afternoon trading.