MALDEN, Mass. (Dec. 14, 2009)—The new owners of GPX International Tire Corp.'s tire and wheel manufacturing assets will rename the business Maine Industrial Tire L.L.C.
The enterprise is now owned by MITL Acquisition Corp. L.L.C., an investment group led by GPX executives and shareholders Bryan, Neil and David Ganz, following approval Dec. 7 of its bid by the U.S. Bankruptcy Court for the District of Massachusetts.
MITL bid $11 million for the business, which comprises tire plants in Gorham, Maine, and Hebei, China; a wheel plant in Red Lion, Pa.; rights to the MaineTire, MITL, ITL and Brawler brand names; and related distribution assets in North America.
The firm said it has about 700 employees in its various production and distribution facilities. It will continue to be based in Malden.
Bryan Ganz will be CEO of the new company, with Troy Kline as president and chief operating officer and Phil Fitzgerald as director of China operations.
The solid tire business generated North American sales of $66 million in 2007 and 2008 and is projected to produce $45 million this year, according to bankruptcy court filings.
Maine Industrial Tire said it will continue to build upon its strong product offerings and strengthen its customer base by concentrating on providing innovative solutions.