Background
Following the cessation of production by Tenneco's Powertrain division, Federal-Mogul Valvetrain La Source SAS faced the challenge of clearing their site at Tenneco's Orléans La Source facility during a period marked by widespread industrial strikes in France. Despite unexpected challenges in scope and timing, the client prioritized the rapid liquidation of their capital assets and machinery.
The Challenge
The client’s primary challenge was expediting the site clearance while navigating both external disruptions from ongoing strikes and internal challenges due to staff changes and transitions. They emphasized the need for a reliable and flexible solution to manage the sale of assets, primarily targeting scrap merchants.
The Solution
Liquidity Services proposed a structured clearance plan, which included appointing a temporary employee to oversee the process and ensure continuity and adherence to deadlines. To strengthen our approach, we partnered with APEX Group, a licensed French auctioneer, which provided a strategic advantage in managing the client's assets and ensuring strict compliance with local regulations.
The Liquidity-APEX partnership marketed 259 assets and achieved a 90% sell-through rate. This effort generated over $314,000 for the client, with grinding machines and lathes being the key assets sold.
The project at Tenneco Orléans highlights Liquidity Services' adaptability to effectively navigate external challenges and deliver robust asset liquidation solutions for our client.
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