GPX International Tire Corp. has agreed to sell its solid tire division and Starbright tire factory in China to an entity comprised of an investor group and members of the company's management team.
The transaction will include the MITL, ITL and Brawler brands, as well as GPX's plants in Gorham, Maine; Red Lion, Pa.; and Hebei, China. GPX expects to complete the sale by Dec. 31, pending approval by the bankruptcy court.
GPX filed bankruptcy in late October. (For more information, see Alliance Tire to acquire GPX International's assets on www.moderntiredealer.com.)