MALDEN, Mass. (Jan. 15, 2010)—MITL Acquisition Corp. L.L.C. has completed its $11 million acquisition of GPX International Tire Corp.'s solid tire business, clearing the way for the business to transition to Maine Industrial Tire L.L.C.
The firm said its first order of business is to consolidate shared distribution services with Dynamic Tire in Canada and Alliance Tire Group, which took over other GPX assets in GPX's Chapter 11 bankruptcy.
Maine Industrial Tire's assets consist primarily of tire plants in Gorham, Maine, and Hebei, China, a wheel plant in Red Lion, Pa., and rights to the Maine Tire, MITL, ITL and Brawler brand names.
Bryan Ganz, co-chairman of GPX, is CEO of the new company. Troy Kline is president and chief operating officer and Phil Fitzgerald director of China operations.
MITL Acquisition is the company formed by Ganz and his brothers Neil and David to facilitate the purchase.
Maine Industrial Tire makes solid tire products for conventional fork lift, construction and specialty market applications. It employs more than 700 at its three factories and other distribution facilities.