Shares of Goodyear Tire & Rubber Co. rose Thursday after the company said it will raise the price of its consumer tires.
Citing rising raw material costs, Goodyear spokesman Jim Davis said the company will increase the price of its tires by 6 percent beginning Oct. 1.
The company, which makes tires that include the Dunlop and Goodyear brands, said last month that it faced rising raw material costs. Those net costs were $54 million higher in the second quarter than a year-ago, Goodyear said while releasing its quarterly earnings report Aug. 2.
Davis said the tire price increase was the second this year.
Shares of Goodyear rose 60 cents, or 6.3 percent, to $10.13 in early afternoon trading. Shares have ranged between $9.10 and $18.79 over the past 52 weeks.
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