Nemak Essex, a Canadian automobile foundry, has two plants in Windsor Canada. One plant was closed and the other plant was in operation. The plant's function was to take liquid metals and pour them into molds. They made engine and cylinder blocks for a discontinued GM engine.
The purpose of the Fair Market Value and Fair Market Value In-Place appraisal was to decide which of the industrial equipment pieces would be cost effective to be transferred to other facilities, which assets would be scrapped and which could be sold on the used equipment market.
Al Loewenstein and three other appraisers from Maynards were hired to complete the appraisals. It took the appraisers two weeks to complete the job of appraising the 265 individual asset groupings, In addition, the appraisers had to go to the closed plant, which created several challenges. Because of the shut down, there was a lighting issue. Maintenance personnel searched for the light switches in the one million square foot plant. Sometimes, they could not find the switches making it harder to gather accurate information. The company provided personnel carriers and escorts to allow the appraisers to cover such a large space in an efficient manner. Another problem was the lack of support information regarding the assets. Because they are experienced appraisers, Al and his crew worked through these issues and completed the appraisal on time.
Nemak Essex® is a registered trademark and Property of Nemak Essex. Any use of the trademark name is only for comparison reasons. Maynards company is in no way associated with this trademark. Products and company names mentioned herein may be trademarks of other companies.