PPL Group LLC Auctioning Manufacturing Equipment from The Manitowoc Company, Inc.
Live and Webcast Auction of Manufacturing Assets on May 18 and 19
NORTHBROOK, Ill., April 26, 2017 /PRNewswire/ -- After more than 100 years of operating as one of the leading manufacturers of crawler-cranes, Manitowoc Cranes will be moving its Wisconsin-based manufacturing to Shady Grove, Pennsylvania. The move will make for a more efficient manufacturing footprint, lower costs and increased profit margins for the company. The company will keep its corporate headquarters and the company's product engineering and related support functions in Manitowoc, WI.
PPL Group LLC, Myron Bowling Auctioneers and Cincinnati Industrial Auctioneers have formed a joint venture to conduct a Live/Webcast Auction for the manufacturing assets of The Manitowoc Company. PPL Group LLC, Myron Bowling and Cincinnati Industrial Auctioneers have worked together on multiple successful auctions for more than fifteen years, leveraging the unique experience of each firm.
"We're looking forward to a successful auction for Manitowoc Cranes. With more than 100 years of combined experience, we know what it will take to successfully bring together the right buyers with this premier company," said PPL Group's Executive Vice President and Partner Joel Bersh. "The simultaneous live and online auction format is increasingly effective in matching serious buyers with valuable assets."
The live and webcast auction will be conducted over two days, Thursday May 18th and Friday, May 19th, starting at 10am CDT each day. Included in the auction will be: COMBILIFT SC3T Telescopic Lift, MESSER CNC Burning Tables, CINCINNATI 175-Ton Press Brake, PANGBORN 12-Head Rotoblast, BCP 6-Head Plate Blast, BANCRAFT Welding Lathe, MONARCH Lathe, (2) BULLARD Turret Lathes, Gear Machinery, CNC Turning Centers, Welding Robots, Large Capacity Floor Type Boring Mills, Numerous Large Capacity Paint Booths and Ovens, BAUMANN GS150 Side Loader, (10+) Forklifts up to 12,000-lbs. and much more. A detailed catalog of equipment is available online at www.pplauctions.com. Bidders must register prior to or the day of the auction. Online bids will be taken through www.Bidspotter.com.
The company assets will be available for inspection one day prior to the auction at 2401 S. 30th Street, Manitowoc, WI 54220. The facility will be open from 9 am to 4 pm for inspection and review of equipment.
PPL Group LLC is a leader in the industrial liquidation and auction business for more than 40 years with a focus on complete plant liquidations and auctions. The company's vast experience and expertise allow it to provide the best possible financial recovery for its clients. In the past five years, PPL has successfully structured 300+ asset monetization transactions. The company provides asset management solutions for entire plants, production lines, single assets and companies. It also purchases distressed companies with the right mix of tangible assets, accounts receivable and inventory. Whether large or small, privately held or publicly traded - companies want a high recovery value, expertise, and professionalism in managing assets. PPL Group is a progressive distressed asset management company that does all of this and more.
Myron Bowling Auctioneers is considered to be one of the nation's largest and most successful industrial auctioneering firms, conducting approximately 80 auctions per year throughout the United States, Canada and Mexico, serving publicly-held companies, the United States Bankruptcy Court and other lending institutions and turnaround management companies. A founding member and former director of the Industrial Auctioneers Association, Myron Bowling is a member of the National Auctioneers Association, Machinery Dealers National Association, and the Certified Auctioneers Institute.
Cincinnati Industrial Auctioneers is a nationwide provider of asset disposition, auction and appraisal services. Over 40 years of history has afforded the company a reputation that is second to none in the industrial auction business, with thousands of satisfied clients and customers. Their name, as well as their management, has remained a constant over the years. Since their founding in 1961, Cincinnati Industrial has sold hundreds of millions of dollars in assets in the United States, Canada and Mexico.
Manitowoc Company, Inc., founded in 1902, is a leading global manufacturer of cranes and lift solutions that serve a broad and diverse customer base around the world. Manitowoc's products include crawler cranes, tower cranes, and mobile cranes for the heavy construction industry, which are complemented by industry-leading aftermarket support services. Manitowoc serves various markets including infrastructure, residential and commercial construction, petrochemical, industrial, power/utility and military applications.
Media Contact: Tom Nicholson
212-203-2803 or [email protected]
SOURCE PPL Group LLC
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