Michelin to Increase Tire Prices in Japanese Market

Passenger Car/ Light Truck , Truck and Bus, Earthmover/Industrial/Agricultural tire price increases 

Tokyo- December 26, 2007: Nihon Michelin Tire Co., Ltd. announced today the decision to raise the delivery price of Passenger Car / Light Truck summer tires, Truck and Bus summer tires, Earthmover/Industrial/Agricultural tires for sale in the Japanese replacement market.

This decision is related to the cost of raw materials which continue to climb and are expected to stay at elevated levels in the foreseeable future.

Despite Nihon Michelin Tire Co., Ltd’s efforts to improve productivity and reduce costs, these measures were not enough to absorb the full impact of external cost increases. The company is therefore obliged to reflect part of this cost hike in its delivery price.

Below are the products subject to the price increase, as well as the timing of the change