Bangkok--25 Apr--Milan Crosse Creative
GoIndustry plc, a public company quoted on the London Stock Exchange, recently announced its acquisition of DoveBid Inc., a global provider of capital asset auction and valuation services. The transaction is valued at more than USD 30 million. This transformational deal has established the enlarged group as the world’s largest auctioneer of surplus industrial assets. GoIndustry-DoveBid, as the company will be called going forward, now has established operations in 22 countries, including Thailand, Malaysia, Singapore, Hong Kong, China, Taiwan, the Philippines, Japan, India and Australia in the Asia-Pacific region. The acquisition of DoveBid has the potential to be significantly earnings enhancing in 2008 and will offer even more competitive advantages for the company’s customer base worldwide. Mr. John Allbrook, Global CEO of GoIndustry-DoveBid said “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 growth of manufacturing in Asia will complement GoIndustry-DoveBid’s competitive advantage,” said Mr. Adrian Pang, GoIndustry-DoveBid Chief Executive, Asia-Pacific. “With a larger local presence and the largest database of buyers and sellers worldwide, the company is ideally placed to benefit from the transfer of industrial assets from West to East and within the region.” GoIndustry-DoveBid’s future plans include taking Thailand’s Online industrial bidding to another level. According to Mr.Rett Schmidt, GoIndustry-DoveBid’s Co-Country Manager for Thailand, Thailand’s expansion of ICT and e-Procurement policies has also enhanced the country’s online industrial auction market potential. Last year, the combined company has Gross Asset Sales in Thailand of USD13 million, representing more than a 100% growth from 2006. The export market dominated with the ratio of 8:2. This year, GoIndustry-DoveBid plans to increase its brand awareness and presence in Thailand. The company highlights the imminent launch of its new global website as an ideal platform for the efficient and transparent marketing of surplus industrial assets. The company has invested significantly in the development of the new website which will offer improved functionality, greater ease of use and true multi-lingual capabilities. The acquisition will also bring management changes. Following a transitionary period, Mr. Rett Schmidt will take on broader sales responsibilities in the Asia-Pacific region, while Mr. Supanit Chaiyawat, will become the Country Manager of GoIndustry-DoveBid in Thailand. Mr. Chaiyawat is renowned for his extensive experience in surplus industrial asset auctions and valuation services. He has managed DoveBid, Thailand (registered as Victor Morris Co., Ltd.) for more than 10 years. Mr. Chaiyawat is also a Board member of the Thai Valuers Association. GoIndustry-DoveBid’s current clients include international and local blue-chip companies, including Toshiba, Caltex, Pepsi, Nestle, Pfizer, Alcatel, Thai Airways and the Bank of Thailand. About GoIndustry-DoveBid GoIndustry-DoveBid is a global leader in the valuation and sale of surplus industrial machinery and equipment. The Company was founded in 1999 and, through the acquisition of a number of businesses in the industry and development of its web-based online auction engine, combines traditional asset sales experience with innovative e-Commerce technology. GoIndustry services multi-national corporations, insolvency practitioners, used equipment dealers and asset based lenders. Its global operations includes offices in 22 countries. In the Asia-Pacific region GoIndustry has established operations in Thailand, Malaysia, Hong Kong, Singapore, China, Japan, the Philippines, India and Australia.
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