Superior Tire & Rubber Corp. plans to raise prices across all business segments by 6-12 percent

WARREN, Pa.—Superior Tire & Rubber Corp. plans to raise prices across all business segments by 6-12 percent effective May 14.

The continued rising cost of raw materials is the reason for the price hike, the firm's first corporate-wide price increases since 2014, President and CEO Henri LeMeur Jr. said in a statement.

"In an effort to maintain the quality you demand and keep your pricing competitive, we have internally absorbed steady yet rising double-digit chemical, elastomer and steel costs since 2016," he said. "Unfortunately, we are unable to continue to absorb these cost increases."

Founded in 1964, Superior is a designer and manufacturer of polyurethane and rubber industrial components for the material handling, construction, agricultural, military and mining industries. It manufactures a variety of goods—including load wheels, press-on tires, casters, rubber tracks and many others—at its production site in Warren.

In its statement to customers, the firm said its mission statement is to provide "technical excellence to give our customers a competitive advantage." But while recent changes in global trade have given beneficial opportunities to manufacture goods in the U.S., the cost has been another wave of raw material price increases.

"Through continuous improvement and re-investment we have been aggressively focused on finding productivity gains as a means to reduce cost," LeMeur said. "However, the recent inflationary pressure has surpassed any possible productivity improvement."