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Article: GPX to sell most assets.(News)(Company overview)
- Article from:
- Rubber & Plastics News
- Article date:
- November 2, 2009
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Bruce Davis
GPX International Tire Corp., a notable player in international off-the-road and industrial tire markets since its inception in 2005, soon will fade from the tire industry landscape after filing for Chapter 11 bankruptcy and agreeing to sell most of its assets.
The biggest of the asset sales is an offer by Alliance Tire Co. (1992) USA Ltd. to buy the bulk of GPX's distribution businessspecifically the firm's U.S. and South African operations, customer relationships, warehouse footprint, world- wide rights to the Galaxy and Primex brands, and the medium radial truck tire distribution businessfor $38.3 million.
The second deal ...