Firestone Industrial Products announced an average price increase of up to 6% on its heavy-duty and light-duty air spring products.
The increase — driven by the escalating costs of raw materials, specifically the rise in the cost of natural rubber — is currently “being deployed,” the Indianapolis-based company said in a statement.
“We are committed to managing our product pricing through strategic programs and efficiency improvements internally. However, at this time, we’re unable to offset rising commodity costs,” said Scott Damon, president of Firestone Industrial Products.
The company is a subsidiary of Firestone Diversified Products, and specializes in air spring manufacturing and technology.