The client is a leading drug development company with facilities spanning across more than 60 different countries. This company is one of the world’s seven largest pharmaceutical corporations, manufacturing products including vaccines for a variety of therapeutic areas, consumer products, and animal health products.
The client was in need of an ongoing asset management solution to help manage and sell over 25,000 pieces of surplus MRO equipment and spare parts at a facility in Rahway, New Jersey.
This facility consists of multiple buildings; Inventory to be sold includes actuators, agitators, filters, flanges, gauges, motors, pipes, pumps, sensors, transmitters, and more.
EquipNet’s specialists performed an onsite inventory of all of the surplus assets the client no longer needed. As surplus increased, an onsite representative was also provided to the client to help adhere to deadlines and allow the company to focus on other important tasks. From there, the listings were placed onto EquipNet’s online MarketPlaceTM for negotiated sale. Since this is an ongoing project with the client, EquipNet also utilizes its Auction and Own It NowTM channels to increase sell-through as needed.
EquipNet’s specialists concluded that the client spent $2 million in total for all of the MRO assets. Within the first eight months of this project, we were able to sell over 700 lots of equipment, recovering $500,000+ for the client. This exceeded the client’s original expectations by 10%. EquipNet continues to work closely with this client to manage and sell its surplus MRO assets and spare parts.