A Multi-Million Dollar, 2-Day Auction Event of Assets from Wockhardt, a Global Pharmaceutical and Biotechnology Company
- Company ceased operations at the 123,000 sq. ft. facility in Morton Grove, IL, and needed to liquidate the machinery and equipment
- Late-model OTC liquid processing, liquid filling, secondary packaging and hundreds of lots of lab and support equipment
- The company needed to certify that all the equipment was properly cleaned and prepared for sale
Wockhardt is a global pharmaceutical and biotechnology company headquartered in Mumbai, India. They have several R&D and manufacturing facilities worldwide, including a 123,000 sq. ft facility in Morton Grove, IL, where they ceased operations.
Assessment
An initial valuation of this facility containing late model liquid processing and packaging equipment, as well as hundreds of pieces of lab and support equipment was performed and a outright purchase of these assets was executed.
Sale Execution
Wockhardt needed to certify that all the equipment was properly cleaned and prepared for sale and all remaining inventory had to be removed from the facility. The sale of this equipment was executed with a 2-day online auction selling over 1300 lots.
Marketing
Delays
All production equipment was removed from the facility in a timely manner. However, the integration of the fire suppression and pallet racking systems led to a significant delay in the final exit from the building. This was primarily due to the necessity of disconnecting and subsequently reconnecting extensive sections of fire sprinklers in order to successfully and safely dismantle the warehouse storage racks.
