Success Story
Wisconsin Tool & Mold
Overview
Whether you’re downsizing, consolidating operations or closing up shop, you have a lot on the line. From emotional to financial pressures to tough expectations and critical timing. This is a moment when you need to have complete confidence that you can get the absolute most for your assets, and know you’re working with a partner who’s willing to go above and beyond to protect your interests.
When the owner of Wisconsin Tool & Mold decided to retire due to health challenges, he began searching for a company with knowledge of the tooling and injection mold business that he could trust to handle the sale of his assets. After interviewing several auction companies, CIA won the business based on their extensive experience in this particular industrial market. The auction featured Medical-Grade Plastic Injection Molding Machines, Whittman Robots, Central Nitrogen, Chiller and Material Systems, Plastic Auxiliary, Toolroom and Warehouse Equipment.
Process At a Glance
9.8.21
Contacted by used equipment dealer finder
9.22.21
Site visit by Jeffrey M. Luggen
9.27.21
Proposal submitted to Owner
10.14.21
Proposal verbally accepted
11.1.21
Project on hold due to health of Owner
12.23.21
Contract executed
1.2.22
Date scheduled, advertising begins
1.10.22
Crew onsite to prep auction
2.4.22
Prep completed
3.2.22
Auction
4.3.22
Accounting approved by Owner
4.16.22
Equipment removal completed
Outcome
While CIA won the business based on their experience in the sale of plastic injection molding equipment, their compassion and professionalism working with a family during a time of loss is how they ran a successful auction and delivered a positive experience. The auction was attended by 479 spirited bidders from 42 states, Canada, Mexico, and Peru, and resulted in gross proceeds of $1.4M, which exceeded expectations by 30%.
We at Frutarom would like to thank Cincinnati Industrial Auctioneers for a successful liquidation of our equipment. The magnitude of the liquidation involved two production facilities, that included liquid and powder production equipment. During this very sensitive time, CIA conducted the auction in two buildings, one of which was actively producing, without an issue. The team was courteous, respectful, and followed the rules of COVID -19 using that PPE and social distancing we required. Ryan Luggen and Tanner Luggen have been an absolute pleasure to work with. Very professional team, with quick and consistence results.
We would recommend this group for your needs of execution and professionalism.
– Bill Lary
Director of Operations, Engineering & EHS
