Great American Group Holds Auctions for Fortis Plastics

A record amount of plastic injection molding and extrusion equipment will be available on the market over the next three weeks during live webcast auctions conducted by Great American Group, LLC (OTCBB: GAMR), a leading provider of asset disposition, valuation and appraisal services, involving four plants formerly operated by Fortis Plastics, LLC.

Great American Group, working in conjunction with The Branford Group, has scheduled the first auction to begin at 9 a.m. (CST) Tuesday, Jan. 17 for the Fortis plant in Jackson, Tenn. Some of the items initially up for auction include 38 molders and plastic support equipment.

“There will be more than 600 lots offered up during our first auction,” said Roy Gamityan, a senior vice president and auctioneer with Great American Group. “In all, we’ll be selling assets from four separate plastic plants that will involve more than 130 injection-molding machines, 20 extrusion lines, computer numerically controlled (CNC) machine tools, and several forklifts. It’s a large auction sale for this type of equipment and should be a good test to see how strong the market is within this industry sector.”

Subsequent live webcast auctions are planned for Fortis’ other plants located in Fort Smith, Ark. (9 a.m. CST Jan. 19), South Bend, Ind. (9 a.m. EST Jan. 31) and Poplar Bluff, Mo. (9 a.m. CST Feb. 2). Interested parties can inspect the items at each plant location the day prior to each auction.

The clamping force of the injection presses available range from 50 to 1,000 tons. Gamityan says the larger-tonnage machines are expected to attract special attention from buyers, since a recovery in the automotive sector has reduced the number of the larger, used injection molding equipment available on the market.

Equipment manufacturers include Cincinnati Milacron, Van Dorn Demag, Negri Bossi, Toshiba, Toyo, Battenfeld, JSW, and Sumitomo. Some of the newer injection presses include a 1,000-ton Cincinnati Milacron press from 2000, a 2006 Negri Bossi 700-ton press and a 2004 Milacron Maxima 725-ton press – along with several mid- to late-1990s Van Dorn and Cincinnati Milacron injection molding presses.

Available extruders include Cincinnati and Davis-Standard, and the auctions also include robots, auxiliary equipment and tool room equipment.

In consolidating its operations, Fortis Plastics has closed a total of nine plants since Monomoy Capital put the business together in 2008. In 2011, the company announced plans to close four plants along with its corporate headquarters in South Bend by the end of the year.

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