Alliance Tire comments on Brodsky Group withdrawal
"We are disappointed that we won't have the opportunity in the near future to work with Harvey Brodsky and his colleagues," say Alliance Tire & Rubber Co. officials in response to the Brodsky Group's withdrawal of its offer to purchase majority stake in the company. "But they are always welcome at our table."
The Brodsky Group pulled its offer to buy 51% of the Hadera, Israel-based tiremaker several days ago.
Harvey Brodsky, who spearheaded the deal, cited "Alliance's inability to restructure loans outstanding to Isreali banks to (his organization's) satisfaction" and general instability in the Middle East as reasons for the decision.
"Uncertain times surely impact investors' eagerness to seek returns on their money," says Simon Soesan, Alliance's vice president of marketing and sales.
"We are confident that the next time we meet, Alliance will be an even larger, stronger worldwide marketer, and many of the uncertainties that challenge the free world will be comfortably behind us."
Alliance, a full-line tire manufacturer in its home country, has 2% of the domestic bias rear farm tire market, according to Modern Tire Dealer statistics.
It also has 1% of the United States radial rear farm tire market and .5% of the U.S. small farm tire market.