London, UK--(Marketwire - January 30, 2008) - 30 January 2008
GoIndustry plc ('GoIndustry' or 'the Company')
Acquisition of US based DoveBid
UK based GoIndustry plc is acquiring DoveBid Inc in a pivotal deal which will
create the world's largest industrial machinery and equipment auctioneer.
GoIndustry CEO John Allbrook says 2008 will be another important year in the
Company's development following the announcement of the acquisition of DoveBid.
During a global teleconference, Allbrook told employees worldwide, that with the
acquisition now announced, GoIndustry will embark on a fast and effective
integration process, which is expected to realise annual cost synergies of
around GBP5 million.
"These are exciting times," said Allbrook. "We are bringing together two great
companies with a proud tradition in the surplus industrial machinery and
equipment market. I am looking forward to welcoming all our new employees and to
a successful future together as we continue to build the world's leading asset
sales and valuation services organisation.
"This is a truly transformational deal for our company that will give us a
market leading position in the United States, Europe and Asia-Pacific regions.
As one company, we are bigger, stronger and more focused, with a clear ambition
to serve our customers and help them become even more successful."
The enlarged group will operate in three business areas: Corporate Disposition,
Disposals and Valuations Services.
"We want to maximize the expertise of all our employees and grow our company in
markets across the globe," continued Allbrook. "Our efforts will be channelled
into building on the momentum we have already created and making sure that the
enlarged group, which, going forward will be called "GoIndustry- DoveBid",
delivers on the full potential that this combination offers to our customers,
employees, and shareholders."
Completion of the acquisition is expected on 25 February 2008.
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For further information visit www.goindustry.com or contact:
John Allbrook GoIndustry plc Tel: 020 7098 3700
Isabel Crossley St Brides Media & Finance Ltd Tel: 020 7242 4477
Gareth Price Oriel Securities Tel: 020 7710 7600
Notes
GoIndustry plc, listed on the London Stock Exchange's AIM market (Epic: GOI), is
a global market leader in the valuation and sale of surplus industrial machinery
and equipment. The Group combines traditional asset sales experience with
innovative eCommerce technology and advanced direct marketing to service the
needs of corporations, insolvency practitioners, dealers and asset based lenders
around the world.
DoveBid Inc., is a global provider of capital asset auction and valuation
services to large corporations and financial institutions. Founded in 1937, it
has been at the forefront of using online technology to make the auction process
more transparent, offering a portfolio of asset disposition solutions including
live webcast auctions, featured online auctions, sealed bid sales, and private
treaty sales. Its wholly owned subsidiary, DoveBid Valuation Services, Inc.,
provides diversified asset appraisal services and has 11 certified valuers with
more than 52 years of combined valuation experience. DoveBid is headquartered in
Los Angeles, California, and has offices in 19 countries throughout North
America, Europe and the Asia-Pacific region.
This information is provided by RNS
The company news service from the London Stock Exchange