PendaForm Assets Up for Grabs in Online Auction
Assets of plastics extrusion and thermoforming equipment maker PendaForm Co. will be auctioned off online. Tiger Group and Century Services Corp., two asset liquidation companies, will conduct the auction.
The auction comes after the equipment manufacturer shuttered its Bluffton, Ind., facility. The company continues to produce thermoformed plastic truck accessories for aftermarket customers and major automotive original equipment manufacturers at four other facilities in the United States and Mexico.
The 86,000 square-foot Bluffton facility housed manufacturing, warehousing, and office space. At that location, operations included integrated extrusion, single- and twin-sheet thermoforming, robotic trimming, and assembly. The facility was upgraded back in 2014, and 50 jobs were added. PendaForm closed the facility in January after reviewing its business strategy, and 75 employees were laid off. All of the employees at the Bluffton plant were offered positions at PendaForm’s two Wisconsin locations with full relocation assistance, the company says.
Items up for bid include rotary thermoformers, including three- and four-station units from brands like Brown Machine, MAAC, and Sentinel. PendaForm is also auctioning five HPM extruder sheet lines with upgraded motors and controls, Tiger and Century report. A four-station rotary thermoforming machine at an offsite facility, with a replacement cost of over $3 million, is also on the auction block. Some of the machines up for grabs were purchased during the 2014 plant upgrade.
Online bidding is already under way at www.SoldTiger.com, but a live auction is scheduled for 10:30 a.m. EDT Oct. 12 at that site.
“This is the largest U.S. thermoforming equipment sale of the year,” says Matt DelGuidice, sales director for Tiger’s commercial and industrial division. “Any tier 1 or tier 2 automotive accessories supplier would be very interested in this sale.”