Auction of Barber Glass Assets Stirs Mixed
March 17, 2011
A public auction of the Barber Glass Industries' Guelph, Ontario, assets was conducted yesterday by Asset Engineering. Glen Shoniker, chief auctioneer for Asset Engineering, said the auction received a strong turnout and that all of the equipment sold.
"Everything hit or exceeded the target price," Shoniker told USGNN.com.
While he could not provide specific companies in attendance, Shoniker says the event was well-received and all who took part were from glass-related industries.
"We had about 300-350 people onsite and more than 100 participate online," Shoniker says. "The participants were from North and South America as well as Western and Central Europe."
Some in the industry, however, have a different perspective. Though no one from Trulite Industries in nearby Mississauga, Ontario, attended the auction, Ray Wakefield, architectural sales manager, said they had previously looked at the equipment.
"We had looked at it before the auction when [Barber] was in receivership and decided it wasn't for us," Wakefield says.
Another industry source who asked to remain anonymous says the majority of the equipment was sold prior to the auction itself.
"Some deals were done ahead of the auction," he tells USGNN.com.
Shoniker, however, says that was not the case and that no equipment was sold prior to the auction.
Baber Glass had been placed into receivership on November 15 and Grant Thornton Limited LLC was named court appointed receiver and asset manager. While Barber and his wife and business partner Susan were successful in purchasing the assets of Barber Retail for $335,000 in December, they were unsuccessful in purchasing all the assets of Barber Glass Industries.
The assets of Barber's Collingwood facility are being liquidated by the Danbury Group. Some of the equipment pieces and machinery being sold include a laminated glass production line, an autoclave, water-jet cutting equipment, a loading and cutting line, vertical seaming equipment, a tempering furnace, edging equipment, insulating glass machinery, a coating line, as well as racks, carts, lifting equipment and much more.
Barber had expanded in 2008 with the plant in Collingwood and at the time of being placed into receivership cited some problems with equipment issues at that plant. "A major equipment supplier to the new facility had problems in solving their equipment issues resulting in a delay in the start-up of commercial production for six months," wrote the company.