Assets of Omtron USA Sold To Group of Auctioneers & Investors for $5.36 Million

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Jul 31, 2013, 06:08 ET

SAN FRANCISCO, July 31, 2013 /PRNewswire/ -- The assets of the North Carolina based Omtron USA LLC (formerly Townsend Inc) poultry processors have been sold for $5.36 Million. A group led by California-based auction company Rabin Worldwide cast the winning bid in the bankruptcy auction. Rabin expects to close on the property, which includes plants in Pittsboro, Siler City and Mocksville, within the next few weeks.

"Rabin plans to sell off the various assets over the next few months, which include land, buildings, equipment & rolling stock," said Michael Bank, a senior vice president with the company.

Rabin has reached an agreement to sell about 80 percent of the equipment in the Siler City plant to Ozark Mountain Poultry, who plan to transfer the machinery to their facility in Arkansas. "Rabin is also actively seeking buyers for the Siler City plant and an adjacent office building," Bank said.

As far as the Pittsboro location, the processing facilities and all equipment in the plant will be auctioned off, as well as the surrounding 534 acres of land which border the Chatham Park development, a massive new business and residential park that is planned for Pittsboro.

Bank said Rabin hopes to find a buyer for the entire Mocksville facility, including the remaining equipment. Also up for sale will be two feed mills and a truck repair depot. Rabin is planning a public auction for October 2 & 3 to divest itself of any remaining assets that haven't been sold.

"Unfortunately that industry has been consolidating," he said of the poultry business, which has struggled to remain profitable in recent years as overproduction and rising feed prices eroded profit margins. "There's just aren't as many processors."

Rabin Worldwide is based in San Francisco, CA. They are an international auctioneer and valuation specialist of industrial plants and equipment. With over 60 years of experience in every sector of the industrial community, Rabin's signature business is assuming financial positions in the liquidation and/or valuation of complete factories and real estate.

SOURCE Rabin Worldwide