Alliance Tire to acquire GPX International's assets
The Alliance Tire Group has signed an agreement to acquire certain assets from GPX International Tire Corp., which has filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code.
Alliance will acquire GPX's U.S. operations, including its assets, customer relationships, warehouse footprint, global rights to GPX's Galaxy and Primex brands, the company's medium radial truck tire distribution business, and its South African subsidiary, GPX Tyre South Africa.
"Alliance will continue to market Galaxy, Primex and other GPX brands -- and medium radial truck tires -- to GPX's customer base," say Alliance officials.
"The combined customer base will benefit from the complementary strengths of the Alliance and GPX product lines, particularly in the agricultural and construction tire segments. Alliance will continue to source products from GPX's valued network of manufacturers in China and elsewhere. The combination of the Alliance and GPX manufacturing resources provides Alliance with a large, diverse and highly flexible global sourcing platform that is capable of providing competitive products in all segments of the off-the-road industry in North America and throughout the world."
The transaction is expected to be completed by Dec. 31 pending approval by the bankruptcy court.