Multi-Year Contract to Begin on January 1, 2023
SAN DIEGO, September 06, 2022--(BUSINESS WIRE)--Heritage Global Partners ("HGP"), a worldwide leader in asset advisory and auction services, and a subsidiary of Heritage Global Inc. (NASDAQ: HGBL), announced today that it has been re-selected as Pfizer’s global vendor for asset disposition services relating to laboratory equipment. Securing the contract award is a product of a comprehensive and competitive bid process among multiple potential vendors. The new multi-year contract will begin on January 1, 2023.
"We are thrilled to continue as Pfizer’s vendor for laboratory asset disposition services. Our successful relationship has been the foundation of our operations over the past decade, and we are pleased that Pfizer continues to see the value in our services, processes, and results," said Nick Dove, President of HGP. "As we continue to invest in our robust platform for BioPharma equipment buyers and sellers, we are confident that we will continue to impact Pfizer’s financial asset recovery in a meaningful way while simultaneously helping Pfizer contribute to the circular economy by extending the life cycle of excess and obsolete assets through its redeployment back into the lab ecosystem."
HGP will be responsible for the sales and redeployment of Pfizer’s surplus lab assets worldwide which constitutes lab equipment, machine shop and carpentry shop equipment, farm equipment, vehicles, artwork, consumables, MRO, small scale manufacturing equipment, and Clinical Trial hospital equipment globally. Pfizer has utilized HGP in this capacity since 2013 and since then, HGP has conducted more than 100 auctions from various locations, including sites in the United States, Australia, India, Sweden, and the United Kingdom. HGP and Pfizer anticipate the sale of ~5,000 assets annually as part of this program.
"We look forward to our continued relationship with Pfizer and their surplus asset needs for valuations, internal transfers and external sales. Our auctions have served as a helpful component of the Pfizer global procurement system and our growing base of buyers continue to compete enthusiastically for Pfizer’s used equipment. We are delighted to continue assisting Pfizer and are eager to grow the program," added Tom Laster, Senior Vice President of HGP.
HGP currently has its 119th and 120th auction for Pfizer scheduled in September and October. Information on those auctions can be found at www.hgpauction.com
Heritage Global Partners, Inc. ("HGP") is a subsidiary of Heritage Global Inc. (NASDAQ: HGBL). HGP operates under the Industrial Assets business unit and is a full-service auction, liquidation and asset advisory firm which holds a prominent spot in the industrial sectors including Aerospace, Automotive, Aviation, Biotech, Broadcast & Postproduction, Chemical, Electronics Manufacturing, Energy, Food & Beverage, Heavy Construction, Metalworking, Oil & Gas, Pharmaceutical, Plastics, Printing, Real estate, Semiconductor, Solar, Textile & Woodworking, and others. HGP conducts 150-200 auction projects per year, globally.
Heritage Global Inc. ("HG") values and monetizes industrial & financial assets by providing acquisition, disposition, valuation, and lending services for surplus and distressed assets. This aids in facilitating the circular economy by diverting useful industrial assets from landfills and operating an ethical supply chain by overseeing post-sale account activity of financial assets. Specialties consist of acting as an adviser, in addition to acquiring or brokering turnkey manufacturing facilities, surplus industrial machinery and equipment, industrial inventories, real estate, account receivable portfolios, and intellectual property through its two business units: Industrial Assets and Financial Assets.
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John Nesbett/Jennifer Belodeau
IMS Investor Relations