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PLRD-82-114 1 (1982-09-10)

handle is hein.gao/gaobabmon0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE 9WASHINGTON, D.C. 20548 PROCUREMENT, LOGISTICS, AND READINESS DIVISION B-207486 SEPTEMBER 10, 1982 The Honorable John Tower Chairman, Committee on Armed Services United States Senate 119414 Dear Mr. Chairman: Subject: Sale of Industrial Assets Owned by the Department of Defense (GAO/PLRD-82-114) In your April 13, 1982, letter, you asked us to review the General Services Administration's (GSA's) recent sales of indus- trial assets, which formerly belonged to the Department of Defense (DOD). You citithe foncernrofsmallforging companies that such sales were negotiated rather than competitively bid and that the sales prices may have been below market value. You asked us to review applicable regulations and policies, describe the scope of the Government's annual sales of industrial assets, assure that legal requirements were met on recent sales, assess GSA's ability to accurately determine fair market value, assess the effects of such sales on the industries involved, and pro- vide recommendations. On May 26, 1982, we met with your Office and provided infor- mation responding to the specific matters contained in your request. This letter summarizes the information provided at that meeting. In developing this information, we reviewed applicable laws and GSA and DOD regulations. We discussed disposal policies and procedures with appropriate GSA and DOD representatives. We also reviewed property disposal records and files maintained by GSA's Federal Property Resources Service, the organization with primary responsibility for disposal of facilities. We did not visit any of the five facilities which GSA sold in 1981 and 1982 or discuss the disposal with any of the companies that purchased the facil- ities. Since the,-sale of Air Force plant 47 to the Aluminum Company of America (ALCOA) and the sale. of Air Force plant 63 to the Wyman-Gordon Company'(both in 1982) accounted for over 85 percent of the total 1981 and 1982 GSA sales proceeds, we concentrated our detailed analysis on these transactions. (945713)

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