GPX completes acquisition of industrial tire company
GPX International Tire Corp. has completed its purchase of Maine Industrial Tire Limited (MITL) of Gorham, Maine (see "GPX prepares to acquire industrial tire manufacturer," March 27, 2006, in our News Archives section).
MITL is a leader in the design and manufacture of premium quality solid industrial tires, which are sold under the Maine and ITL brands. The company also produces and markets the Brawler line of solid tires for use on skid steers and loaders.
"With the acquisition of MITL, GPX has significantly fortified its position in the industrial tire market," says Robert Sherkin, chairman and co-CEO of GPX. "We have added world-class industrial tire
engineering and production expertise to our team.
"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 assume the position of president for the MITL division. "At this time, our plan is to continue marketing the Maine and ITL brands separately," he says. "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."
GPX employs more than 1,000 people in three continents: North America, Europe and Asia. To produce its tires, GPX uses a combination of owned and outsourced production facilities. GPX's own production facilities are located in the United States, Canada and Europe.
Its flagship brands are Galaxy, Primex, Constellation and Dynamo. GPX also markets Aeolus medium radial truck tires through an
exclusive distribution agreement.