Ritchie Bros. Auctioneers celebrated its 50th anniversary in the auction business and 10th anniversary as a publicly traded company by ringing the Closing Bell at the New York Stock Exchange Jan. 14.
Ritchie Bros. CEO Peter Blake, who rang the bell to close trading for the day, was joined at the exchange by President Rob Mackay, COO Bob Armstrong and other senior executives.
Ritchie Bros. has been conducting unreserved auctions since 1958. The company’s common shares were first listed on the NYSE on March 10, 1998, at a price of $8.50 per share (split adjusted). At market closing on Jan. 14, Ritchie Bros.’ share price was $77.63. Ritchie Bros. recently announced record-breaking preliminary results for the 2007 fiscal year.
“We’re thrilled to be back at the New York Stock Exchange, celebrating 50 years in the auction business and 10 years of strong growth as a public company,” said Blake. “Since listing on the exchange in 1998, we have expanded our global network of offices and auction sites, introduced our real-time internet bidding service, and diversified into new market sectors. Every year since our listing the demand for our services has increased, resulting in a greater number of consignments, more unreserved auctions and higher gross auction proceeds. We have enhanced the value that we provide to our customers, and that has translated into greater value for our shareholders.”
When Ritchie Bros. went public in 1998, it had 50 locations in 14 countries, including 21 auction sites. That year, the company conducted more than 100 unreserved auctions for total gross auction proceeds of more than $1 billion. Ten years later, Ritchie Bros. has more than 110 locations in more than 25 countries, including 37 auction sites. In 2007, the company conducted more than 350 unreserved industrial and agricultural auctions around the world, generating record annual gross auction proceeds in excess of $3 billion.
Ritchie Bros. was established in 1958 in Kelowna, British Columbia, Canada.
For more information, please visit www.rbauction.com.