PACIFIC GROVE, Calif. (Feb. 3, 2003) — The Harvey Brodsky Group L.L.C., a worldwide investment group in the rubber and plastics industries, has withdrawn its offer to buy 51 percent of the stock of Hadera, Israel-based Alliance Tire Inc.
Instability in the Middle East, plus Alliance's inability to restructure its loans outstanding to its major lenders, were behind the collapse of the deal announced last September, according to Harvey Brodsky, leader of the investment group. “We were very disappointed over this,” said Mr. Brodsky, who added that if the lenders changed their minds and met the group's terms, “we'd be back (in negotiations) in a heartbeat.”
There was no immediate statement from Alliance, an exporter of farm and off-the-road tires that had about $13.5 million in sales in North America in 2001.
Mr. Brodsky also is managing director of the Tire Retread Information Bureau (TRIB), which is based in Pacific Grove. He has held that post since 1982.