NORTHBROOK, Ill., April 21, 2015 /PRNewswire/ -- After more than 50 years operating as one of the largest audio equipment manufacturers in the world, Peavey Electronics is closing its speaker and amplifier manufacturing operations in Decatur and Meridian, Mississippi and will be auctioning off the equipment on May 19 and 20. The company is relocating some manufacturing operations that were traditionally done in Mississippi to outsourced operations in response to lower cost manufacturing overseas.
Founded in 1965, Peavey® is one of the world's largest manufacturers and suppliers of musical instruments and professional sound equipment. Peavey has earned more than 180 patents and distributes to more than 130 countries.
Changes in the marketplace and the demand for the product categories previously made in the USA made the company reassess its manufacturing facilities here in the US and it reallocated resources in order to remain competitive. Peavey continues to make Meridian its headquarters and will continue to employ several hundred employees. "We are proud to be a part of the local community and economy," said Hartley Peavey, founder and CEO of the company.
"We sell products to over 136 countries. Our product mix has changed - instead of building great big speaker boxes, people are wanting little compact things," Peavey said. "We just can't ship big boxes around the world and be competitive. Basically, most of the lower end of the product line has gone offshore, and the more technologically advanced products like our MediaMatrix product line we're keeping in the United States."
PPL Group and Myron Bowling Auctioneers have formed a joint venture to conduct a Live/Webcast Auction for the manufacturing assets of Peavey Electronics, Inc., in Decatur and Meridian, Mississippi. PPL Group and Myron Bowling have worked together on multiple successful auctions for more than ten years, leveraging the unique experience of each firm.
"We're looking forward to a successful auction for Peavey Electronics. With more than 100 years of combined experience, we know what it will take to successfully bring together the right buyers with this premier company," said PPL Group's Executive Vice President and Partner Joel Bersh. "The simultaneous live and online auction format is increasingly effective in matching serious buyers with valuable assets."
The auction will be conducted over two days, Tuesday, May 19th and Wednesday, May 20th, starting at 10am CDT each day. It will include manufacturing equipment from three buildings totaling 485,000 square feet. Included in the sale will be press brakes and dies, shears, 30 and 50-ton turret punches, insertion presses, several gap frame and OBI presses, lathes, mills, drills and grinders. Additionally, the sale will include items from a complete paint system, stage wash line, screen-printing department, wood working department, and complete assembly department. Bidders can register and find more information at www.pplauction.com.
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, Illinois. For more information, go to www.pplgroupllc.com.
Myron Bowling Auctioneers is considered to be one of the nation's largest and most successful industrial auctioneering firms, conducting approximately 80 auctions per year throughout the United States, Canada and Mexico, serving publicly-held companies, the United States Bankruptcy Court and other lending institutions and turnaround management companies.
A founding member and former director of the Industrial Auctioneers Association, Myron Bowling is a member of the National Auctioneers Association, Machinery Dealers National Association, and the Certified Auctioneers Institute.
About Peavey Electronics®
Founded in 1965, Peavey® is one of the world's largest manufacturers and suppliers of musical instruments and professional sound equipment. Peavey has earned more than 180 patents and distributes to more than 130 countries. Peavey and its MediaMatrix®, Architectural Acoustics®, Crest Audio®, Composite Acoustics® and Trace Elliot® brands and affiliates can be found on concert stages and in airports, stadiums, theme parks and other venues around the world. To find out more, visit www.peavey.com.
SOURCE PPL Group