Background
In December 2021, our client, a global leader in construction and mining equipment, announced the closure of its manufacturing facility in Jesi, Italy.
The Challenge
Timeline Constraints: The cessation of production at the Jesi, Italy plant was scheduled for the end of June 2022. A critical requirement set by the client included clearing the entire site by the end of November 2022 to prepare for the transition to a new owner. This tight five-month window for liquidation posed a significant logistical challenge.
Operational Limitations: The project timeline overlapped with Italy's traditional August shutdown period, further compressing the available time to complete the project. Additionally, our client was evaluating its assets for potential internal transfers to other facilities or key suppliers. This ongoing assessment required a flexible and dynamic approach to the sale and removal of assets, as asset availability could shift based on the company's internal decisions.
The Solution
Project Management and Execution: Liquidity Services provided comprehensive on-site management throughout the project, ensuring a smooth and efficient process for the sale and removal of assets. Despite the challenges, the team successfully navigated the complexities of this high-stakes project.
Internal Asset Transfers and Valuation Support: Assets with a fair market value exceeding €1.5 million were transferred internally within the client’s network. Liquidity Services' valuation department played a crucial role in facilitating these cross-border transfers, providing detailed valuation reports to support the process.
This project was a testament to Liquidity Services' expertise in managing large-scale industrial asset liquidations. It showcased the company's agility in adapting to complex, multi-faceted challenges, including tight timelines, regulatory nuances, and global asset redistribution.
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