Alliance wins GPX assets after out-bidding Titan

ERJ staff report (TB)

Boston, Massachusetts -- The U.S. Bankruptcy Court for

the District of Massuchusetts has accepted a revised bid by Alliance Tire Co.

USA Ltd. for the bulk of GPX International Inc.'s global distribution

assets in an auction process held yesterday in Boston.

Details of the deal have not yet been released, although

Alliance Tire President Manny Cicero said Alliance's final bid was in

excess of $50 million. Alliance's original bid was for $38.3 million.

Titan International Inc. submitted a bid Dec. 2 valued at $44 million.

The assets being acquired include: worldwide rights to the

Galaxy and Primex brands; US and South African operations; customer

relationships; warehouse footprint; and medium radial truck tyre distribution

business..

Malden, Massachusetts.-based industrial and OTR tyre maker/distributor

GPX filed for Chapter 11 bankruptcy protection Oct. 26. Separate deals for

GPX's Canadian distribution business and its industrial/OTR tyre

manufacturing assets were uncontested.

Alliance Tire is the Denville, N.J.-based subsidiary of

Israel's Alliance Tire Co. (1992) Ltd., a maker of farm, forestry and OTR

tyres with plants in Israel and India.

From Tire Business (A Crain publication)