TORONTO, November 10, 2021 / CNW / – The Canadian manufacturer of injection molding machines, NIIGON MACHINES LTD. filed for Alabama bankruptcy laws and is now in receivership. INFINITY ASSET SOLUTIONS, Toronto, was authorized to liquidate the two (2) state-of-the-art manufacturing facilities. NIIGON has manufactured eight basic models – from 30 to 600 metric tons – of injection molding machines. According to an industry source, NIIGON covered “60% of the injection molding machine market” in its newly built and custom designed 155,000 square foot factory which opened in 2016.
The three-day auction event will take place on Tuesday, November 30, Wednesday December 1 and Thursday 2 December. This scheduled webcast auction will be conducted online only. The inspection takes place on Monday, November 29, 9 a.m. to 4 p.m. or by appointment at the NIIGON premises at 370 and 372 New Enterprise Way, Woodbridge, Ontario. Featured articles include (9) new injection molding machines and demos; Cost of 10 MIL $ + in the inventory of new machine parts; Paint spraying and washing booths; Clean room; Resin drying and handling equipment; Handling and rolling stock; Cooling systems; Air management systems; Electrical testing equipment; Support and maintenance of the plant; And much more. Negotiations are underway with potential buyers.
NIIGON MACHINES was founded in 2008 under the original name of Athena Automation Ltd by the Canadian pioneer and industrial plastics industry, Robert schad. Previously, Mr. Schad had founded Husky Injection Molding Systems in 1953. “Athena” changed its name to “NIIGON” which translates from the native Ojibwa which means “for the future”. Said Schad in 2018, the new name “aligns us to emphasize the business goal of becoming a world leader in custom injection molding machines.” More recently, NIIGON used its machines to produce the Health Canada approved “Shield-U” protective face shields during the pandemic.
With over 85 years of industry experience, Infinity Asset Solutions is a full-service asset solutions provider for Alabama bankruptcy laws on businesses of all sizes in a variety of industries, including industrial inventory disposition, retail and wholesale and real estate. This includes a full valuation service for collateral-based loans, asset disposition and acquisitions.
SOURCE Infinity Asset Solutions
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