Specialty tyre firms Galaxy, Dynamic planning to merge
Malden, Massachusetts (June 8)--OTR tyre maker Galaxy Tire & Wheel Inc. and industrial tyre marketer Dynamic Tire Corp. are planning to merge under a holding called GPX Tire & Wheel Inc..
In a note sent to customers, the companies said that GPX Tire will be the holding company, though Malden-based Galaxy and Brampton, Ontario-based Dynamic will continue to operate as separate entities. All programs and current deals for 2005 remain in place, and current pricing levels--set June 1--also will be unchanged.
Robert Sherkin, president of Dynamic, will be chairman of GPX as well as co-CEO with Bryan Ganz of Galaxy. GPX is on track to report sales of more than $300 million this year, the companies said.
Sales operations for Galaxy and Primex, the private brand marketed by Dynamic, will remain separate for now, the companies also said, as will their respective warranty programs.
"GPX intends to be one of the dominant global suppliers of Â´workÂ´ tyres, that is to say tyres for the agricultural, industrial, transportation and construction markets," the companies said. "GPX intends to do this by building the best possible products that help the consumer get the greatest performance from their equipment at the lowest price per hour."
From Rubber & Plastics News