PROJECT ENGAGEMENT SNAPSHOT
Covance Laboratories purchased land at a discount, which held a vacant, partially-constructed building, in anticipation of meeting their growth needs. When market conditions rapidly changed, they faced a dilemma: sell the facility or transform it so it could be used for other needs.
By way of a facility analysis, we helped Covance assess multiple options and the ROI from each. It was clear to see the building was not economically viable to suit their needs, and we recommended that Covance demolish the building and prepare the site for a land sale.
Covance chose to demolish the structure at low cost, which unlocked about $29 million to allocate toward other profitable projects. The site then became marketable to potential buyers