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Tiger Capital, Others to Conduct Webcast Auction of SABIC’s Assets
Tiger Capital Group’s Commercial and Industrial Division, in cooperation with New Mill Capital, Joseph Finn Co., and Federal Equipment, have been retained to conduct a live webcast auction on July 19 of the assets formerly owned by SABIC Innovative Plastics.
The polycarbonate maker was shuttered by parent company Saudi Basic Industries Corp. (SABIC), a global enterprise that manufactures chemicals, plastics, engineering thermoplastics and other products. The sale includes well-maintained, late model compounding and extrusion equipment, molders, extruders, blenders, classifiers, dryers, tumblers, spare parts, forklifts and other plant support equipment.
The Thorndale plant made LNP trademarked compounds used in consumer electronics and similar applications. In October 2015, Saudi Arabia-based SABIC announced that the Innovative Plastics unit would cease operations, with its activities shifted to the company’s Chemicals, Polymers and Specialties business units. The Thorndale facility was also closed as the customer base for the products it manufactured continues to shift to the Asia-Pacific region, where SABIC has existing facilities.
The auction for the machinery, equipment and parts will be conducted live onsite as well as webcast. Live bidding will take place at the facility, 251 S. Bailey Road, Thorndale, Pa. beginning at 10:30 a.m. (ET) on July 19. Those intending to bid online via webcast during the auction are required to register at www.bidspotter.com. Previews of the assets being offered in the auction will be held at the Thorndale facility from 10:00 a.m. to 4:00 p.m. (ET) on July 18.
“Manufacturers and others involved in plastic extrusion and compounding will be interested in this auction,” said John Coelho, Senior Vice President of Tiger’s Commercial & Industrial division. “We’re offering a lot of well-maintained late-model compounding and extrusion equipment, ancillary and peripheral support equipment, and a wide variety of spare parts.”