BOSTON (April 17) — GPX International Tire Corp. has completed its purchase of Maine Industrial Tire Ltd. of Gorham, Maine, for an undisclosed amount.
GPX — the company formed by the merger of Dynamic Tire Corp. and Galaxy Tire & Wheel — announced the pending deal in late March.
"With the acquisition of MITL, GPX has significantly fortified its position in the industrial tire market," said Robert Sherkin, chairman and co-CEO of GPX. "To further increase MITL´s competitive stature, GPX will review all elements of the production and sales cycles, as we are confident that GPX´s global sourcing and distribution channels offer opportunities for immediate positive results."
Ken Hebert will be president of the MITL division, GPX said. In a statement, he said MITL´s Maine and ITL brands will continue to be marketed separately.
"Looking ahead, we will continue to make improvements to the depth and availability of our product line, especially as we begin to leverage the resources made available to us through the GPX organization," he said.