Last Part of GPX Finds a Buyer - Tire Review Magazine

Last Part of GPX Finds a Buyer

GPX International Tire Corp. says it will sell off its solid tire operations and Chinese plant to a group of investors and former GPX management.

The Malden, Mass.-based tiremaker and importer said last Friday that it had a “definitive sale agreement” with the group. The transaction will include the MITL, ITL and Brawler brands, as well as the company’s Gorham, Maine; Red Lion, Pa.; and Hebei, China, manufacturing facilities.

GPX filed for Chapter 11 bankruptcy on Oct. 26, and has arranged to sell off its three primary operations. Israel’s Alliance Tire Group is buying GPX’s Galaxy, Primex and other brands, as well as GPX’s U.S. operations, warehouses, customer lists, and GPX’s wholly owned GPX Tyre South Africa (Pty.) for a reported $38.3 million.

A management team headed by ex-GPX chiefs Robert Sherkin and Peter Koszo are buying Dynamic Tire Corp., GPX’s Canadian subsidiary, which will handle the sales and distribution in Canada of Galaxy and Primex brand OTR tires, the sale and distribution of medium radial truck and passenger car tires, and private label sourcing.

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