NORTHBROOK, Ill., Jan. 18, 2017 /PRNewswire/ -- The assets of Stainless Sales Corporation of Addison, IL will be sold at auction February 2, announced PPL Group ("PPL"), one of the nation's leading industrial auction firms.
Stainless Sales Corporation was founded as a stainless steel supplier in Ridgefield Park, NJ in 1946 and relocated to Chicago shortly thereafter. By the mid-1960s, the company developed its own steel slitting capabilities. In 1982, the company moved into the Addison, IL facility for central service to North America. In 2009, the company added additional capacity with a new 60" slitter and an edger, as well as a renovated line for PVC application. In 2014, it added two cut-to-length lines, a 36" line and a 60" line.
Included in the live and online auction will be steel coil slitting lines, cutting and coating equipment as well as shears, saws, scales, stretch wrappers, air compressors, material handling equipment and more. Bidders can register and find further information at www.pplauctions.com.
"Most of the equipment being auctioned will be very recent machinery," said David Muslin, president of PPL. "The company had immaculate facilities with a lot of late model equipment."
The assets will be available for inspection and review at three locations, from 9 am to 4 pm on February 1:
2301 Windsor Court, Unit B in Addison, IL
3301 S. Justine, Chicago, IL
2310 W. 58th Street, Chicago, IL
Theater style bidding for all of the equipment will start at 10 am on February 2 at the Windsor Court facility in Addison.
PPL has been retained by the Assignee. The auction is By Order of Michael J. Eber, not Individually, but Solely as the Assignee for the Benefit of Creditors of Stainless Sales.
PPL Group is a leading private equity firm that uses its capital to help businesses in transition. The Company provides asset management solutions for entire plants, production lines, groups of assets, and whole companies. PPL's principals have successfully monetized commercial and industrial assets for 40 years, conducting more than 250 auctions over the last five years. PPL works with large corporations to provide the best possible financial recovery for surplus and idle assets. The Company works with small and middle-market businesses during change, turnaround, restructuring, and bankruptcy situations across a broad range of industries. PPL buys assets outright, guarantees minimum prices, and also conducts auctions on a commission basis. PPL creates maximum liquidity by structuring innovative turnkey and going concern sales transactions. PPL is headquartered in Northbrook, IL. For more information, go to www.pplgroupllc.com.
Contact: Tom Nicholson, 212-203-2803
or David Muslin, 224-927-5301
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/auction-of-stainless-sales-corporations-equipment-scheduled-for-february-2-2017-300392872.html
SOURCE PPL Group, Inc.