Hilco Opens New Office in Singapore
HILCO ESTABLISHES HILCOBID OFFICE IN SINGAPORE TO PROVIDE ONLINE ASSET REDEPLOYMENT AND DISPOSITION SERVICES THROUGHOUT THE ASIA-PACIFIC AND GREATER CHINA REGION
New Office Also Headquarters for Hilco Appraisal Services Asia, Provider of Tangible and Intangible Asset Valuations
Veteran Asset Disposition/Valuation Executive, Vincent Wee, to Manage Operations and Lead Business Development Initiatives
NORTHBROOK, Illinois, USA, June 27, 2011 – Hilco Trading, LLC, a world leader in tangible and intangible asset disposition and valuation services, today announced the opening of an office in Singapore, its first to serve the Asia-Pacific and greater China region. Principal operations will center on HilcoBid, the online auction and asset redeployment platform launched by Hilco in North America earlier in 2011. Hilco Appraisal Services will also establish Asia-Pacific and greater China operations in the new office.
Services will be provided under the guidance and direction of Vincent Wee, a 30+ year industry veteran. Mr. Wee was Managing Director of EquipNet Asia Pacific and, prior thereto, president of DoveBid Asia Pacific, the regional predecessor of GoIndustry DoveBid.
Commenting on the new office, Mr. Wee said, "Hilco's entry into Singapore is a game changer for companies with manufacturing operations in the broader Asia-Pacific and greater China region. To now have Hilco's experience and expertise, along with the new HilcoBid platform, available in the region will benefit customers greatly. I am proud to be part of the Hilco organization and look forward to a long and productive relationship."
HilcoBid, a joint venture between Hilco Trading and Superbid Brazil, is a 24/7/365 online redeployment and auction platform created to help manufacturing companies manage and sell their surplus capital assets, including machinery, equipment, real estate, vehicle fleets, fixtures, raw materials and finished goods inventory. HilcoBid was built on Superbid technology, which has established itself as the first-choice for Global 2000 corporate asset managers in Brazil, Argentina, Chile and other South American countries. Annually, Superbid conducts in excess of 1,000 auctions. HilcoBid will deliver services to corporations in high-technology, pharmaceuticals, automotive, food processing and other capital equipment intensive manufacturing sectors.
Regularly, throughout business cycles, manufacturing facilities within multi-location companies around the world replace machinery, equipment, vehicles, aircraft and other capital assets with new or redefined technology. Prior to selling said assets to third parties, most companies first make them available to other facilities within their enterprise through a redeployment program. Assets are typically posted on an intranet or extranet site and if claimed by a facility, an intra-company transfer occurs. Only after assets go unclaimed does the company offer them for sale in the open market. Assets can range in value from a few hundred dollars to millions of dollars and can include anything from a basic conveyor system to complete production lines to corporate aircraft and real estate. As a fully-integrated asset redeployment and online auction platform, HilcoBid enables a company to quickly and seamlessly manage its entire redeployment and disposition program.
Jeffrey B. Hecktman, Chairman and CEO of Hilco Trading, said of the new Singapore office, "The opening of our first office on the western side of the Pacific comes soon after the start-up of operations in Brazil to serve South America. I am very enthusiastic about the progress being made to advance our strategic goal of becoming the premier global provider of asset disposition and valuation services."
Rodrigo Santoro, CEO of Superbid Brazil, said, "Our world-class technology is now positioned to address the under-served needs of multi-national corporations with operations in the Asia-Pacific and greater China region. HilcoBid will provide a fully-integrated, one-stop-shop for best-in-class industrial asset management and disposition services."
Joining HilcoBid in the new Singapore office is Hilco Appraisal Services. The company will provide tangible and intangible asset appraisals, enterprise valuations and valuations for accounting, reporting, compliance and tax requirements. A Singapore-based valuation team is being assembled and will be backed by more than 150 appraisers and analysts in Hilco Appraisal's U.S. and U.K. offices. Annually, Hilco delivers more than 2,500 appraisals worldwide covering all asset categories.
Thomas A. Greco, CEO Hilco Appraisal Services, called the new office, "a milestone in the growth and evolution of our appraisal platform." He added, "The Asia-Pacific and greater China region has long needed a large, sophisticated valuation services provider with a strong international pedigree and quality practitioners having the ability to value assets in all categories. I am confident the marketplace will come to rely upon us as a trusted advisor."
Contact information for the new Singapore office:
HilcoBid Asia Pacific Pte. Ltd.
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