ERJ staff report (TB)
Boston, Massachusetts -- A management group led by Peter Koszo and Robert Sherkin has completed its share purchase of Dynamic Tire Corp.
The group had bid $23.9 million for GPX International Tire Corp.'s Canadian distribution assets Dec. 7. GPX filed for Chapter 11 bankruptcy protection Oct. 26 and was parceled into three separate entities for auction.
â€œWe are excited to have the opportunity of taking Dynamic Tire forward to the next chapter in its history,â€ Mr. Koszo said in a press release. â€œWe are also thrilled to be collaborating with Alliance Tire and the new owners of the Starbright manufacturing facility into the future.â€
â€œWe are fortunate to have some of the best people in the businessâ€ Mr. Sherkin said. â€œIt has been a long process, but we accomplished buying back the business that we merged with Galaxy in 2005.â€
The new Dynamic Tire will focus on its historical strengths as a comprehensive tyre distributor in Canada, as well as continue to provide tyre sourcing and engineering solutions for its customers into the future, the company said.
Dynamic will continue as the exclusive source for Galaxy and Primex tyres in Canada and also plans to expand upon its wide range of products and services to meet the growing needs of its customers, according to the press release.
From Tire Business (A Crain publication)