“Auction of the Week” is new blog feature in which we give readers the inside scoop on one upcoming machinery auction every week. The following is not an advertisement. It is totally free of monetary consideration for TMW or any other company. We will pick these auctions on the merit of what we believe will interest members of the machining community.
Hoff-Hilk Auctioneers is doing an online auction of the physical assets of the K.O. Lee Corporation of Aberdeen, South Dakota, on the Web June 25th and June 26th.
I talked to Russ Hilk, one of the partners of the auction firm, and he gave me background on the sale. The key pieces in the deal are the new K.O. Lee grinders, surface, tool and cutter, and creep feed style.
Hoff-Hilk got the deal primarily because of a long standing relationship between the firm’s managers and Dennis Hoff, Russ Hilk’s partner. They had done appraisal and consulting work through the years for K.O. Lee.
Hilk mentioned that prior to the auction K.O. Lee’s parts business was sold to LeBlond LTD of Amelia, Ohio, along with the intellectual property of the machine prints and website
The sale of intangible soft assets for a company with a great old name presents intriguing issues for auction and appraisal companies in the area of global Web trading.