GPX prepares to acquire industrial tire manufacturer
GPX International Tire Corp. has signed a definitive agreement to purchase MITL of Gorham, Maine. The transaction is expected to close within the week.
MITL designs and manufactures premium solid industrial tires sold
under the MaineTire and ITL brands. In addition, MITL produces and markets a line of solid tires for use on skid steers and loaders under the Brawler brand.
MITL was formed in April 1999 when Maine Rubber International purchased Industrial Tires Ltd. (ITL) and Precision
Products Ltd., giving it a significant presence in the replacement and original equipment forklift tire markets.
"The MITL acquisition makes a lot of sense for both companies as our product lines are largely complimentary," says Robert Sherkin, chairman of GPX. "MITL is one of the world leaders in solid resilient and press-on tires, whereas GPX is a leader in off-road pneumatic tires."
GPX will use its strong global distribution channel and global sourcing capabilities to further stimulate sales of MITL's flagship lines, he adds.
With the MITL acquisition, GPX will have more than 1,000 employees and facilities in North America, Europe and Asia.
Terry Lindberg, president of MITL, will retire when the acquisition is completed. Ken Hebert, currently CFO of MITL, will take his place.
The brand names and products of MITL will continue to be maintained and marketed as separate brands, adds the company.