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Heritage Global Partners and Amgen Renew Master Agreement
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
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Rhea-AI Summary
Heritage Global Partners (HGP), a subsidiary of Heritage Global Inc. (NASDAQ: HGBL), has renewed its global Master Agreement with Amgen for asset valuation, disposition, and redeployment services. Since the partnership began, HGP has conducted over 80 auctions for Amgen. The company will manage the sale of surplus assets, including laboratory and manufacturing equipment. HGP plans to hold its 83rd and 84th auctions for Amgen in January 2023, emphasizing its commitment to financial asset recovery while focusing on environmental sustainability.
Positive
Renewal of Master Agreement with Amgen enhances business prospects.
Over 80 successful auctions conducted for Amgen demonstrate strong operational track record.
Focus on ESG initiatives aligns with current market trends and investor interests.
Negative
None.
SAN DIEGO--(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 renewed its global Master Agreement with Amgen for asset valuation, disposition & redeployment services relating to its surplus or impaired physical assets globally.
“We have conducted over 80 auctions for Amgen since the inception of our relationship and the original signed Master Agreement. We are excited to continue as Amgen’s vendor for surplus asset management and look forward to being a key contributor to their financial asset recovery while simultaneously maintaining an ESG focus and keeping these assets out of landfill,” said Nick Dove, President of HGP.
HGP will be responsible for the sale of surplus assets consisting of laboratory assets, manufacturing and processing machinery and equipment, building support equipment, material handling, vehicles, consumables and MRO.
“HGP currently has its 83rd and 84th auctions for Amgen scheduled in January 2023 and we look forward to a great start in the new year for Amgen’s asset recovery program,” stated Craig Thompson, Senior Vice President of HGP.
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.
