Published: January 12, 2012
Great American Group Holds Auctions for Fortis Plastics Beginning Jan. 17
WOODLAND HILLS, Calif. - (BUSINESS WIRE) - A record amount of plastic injection molding and extrusion equipment
will be available on the market over the next three weeks during live
webcast auctions conducted by Great American Group, LLC (OTCBB: GAMR), a
leading provider of asset disposition, valuation and appraisal services,
involving four plants formerly operated by Fortis Plastics, LLC.
Great American Group, working in conjunction with The Branford Group,
has scheduled the first auction to begin at 9 a.m. (CST) Tuesday, Jan.
17 for the Fortis plant in Jackson, Tenn. Some of the items initially up
for auction include 38 molders and plastic support equipment.
"There will be more than 600 lots offered up during our first auction,"
said Roy Gamityan, a senior vice president and auctioneer with Great
American Group. "In all, we'll be selling assets from four separate
plastic plants that will involve more than 130 injection-molding
machines, 20 extrusion lines, computer numerically controlled (CNC)
machine tools, and several forklifts. It's a large auction sale for this
type of equipment and should be a good test to see how strong the market
is within this industry sector."
Subsequent live webcast auctions are planned for Fortis' other plants
located in Fort Smith, Ark. (9 a.m. CST Jan. 19), South Bend, Ind. (9
a.m. EST Jan. 31) and Poplar Bluff, Mo. (9 a.m. CST Feb. 2). Interested
parties can inspect the items at each plant location the day prior to
each auction.
The clamping force of the injection presses available range from 50 to
1,000 tons. Gamityan says the larger-tonnage machines are expected to
attract special attention from buyers, since a recovery in the
automotive sector has reduced the number of the larger, used injection
molding equipment available on the market.
Equipment manufacturers include Cincinnati Milacron, Van Dorn Demag,
Negri Bossi, Toshiba, Toyo, Battenfeld, JSW, and Sumitomo. Some of the
newer injection presses include a 1,000-ton Cincinnati Milacron press
from 2000, a 2006 Negri Bossi 700-ton press and a 2004 Milacron Maxima
725-ton press - along with several mid- to late-1990s Van Dorn and
Cincinnati Milacron injection molding presses.
Available extruders include Cincinnati and Davis-Standard, and the
auctions also include robots, auxiliary equipment and tool room
equipment.
In consolidating its operations, Fortis Plastics has closed a total of
nine plants since Monomoy Capital put the business together in 2008. In
2011, the company announced plans to close four plants along with its
corporate headquarters in South Bend by the end of the year.
For more information on the auctions, contact (818) 884-3737 or visit www.greatamerican.com.
About Great American Group
Great American Group, LLC, is a leading provider of asset disposition
solutions and valuation and appraisal services to a wide range of
retail, wholesale and industrial clients, as well as lenders, capital
providers, private equity investors and professional service firms.
Great American Group has offices in Atlanta, Boston, Chicago, Dallas,
London, Los Angeles, New York and San Francisco. For more information,
contact (818) 884-3737 or visit www.greatamerican.com.
GAMR-G
Media Contacts:
Great American Group
Laura Drummond,
Vice President of Marketing
847-444-1400 ext. 2312
ldrummond@greatamerican.com
or
Mulberry
Marketing Communications
Ron Whittington, Sr. Acct. Exec.
904-355-8680
rwhittington@mulberrymc.com
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