GPX completes buyout of Maine Industrial Tire

GPX -- the company formed by the merger of Dynamic Tire Corp. and Galaxy Tire & Wheel -- announced the pending deal in late March.

"With the acquisition of MITL, GPX has significantly fortified its position in the industrial tire market," said Robert Sherkin, chairman and co-CEO of GPX. "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 be president of the MITL division, GPX said. In a statement, he said MITL´s Maine and ITL brands will continue to be marketed separately.