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28 Dec 2018 | 08:50

Hydrodec ups stake to take control of North American operations

Industrial oil re-refining group Hydrodec Group said on Thursday that it had agreed with its partners G&S Oil Recycling to take operational control of Hydrodec's North American operations, increasing its stake to 85% from 58%.

The company also agreed to restructure the governance and representation of the North American board and increase plant and commercial efficiency at the Canton, Ohio facility. This decision came further to the company's recent strategic review and formed part of the realignment of its interests in the United States. Hydrodec would also inject $US3.8m of working capital into the business and said it was in the process of agreeing a new feedstock supply agreement with G&S to deliver a fully aligned platform for growth of the Company's US activities.

"2018 has seen the start of the delivery of a major turnaround for the Company with a comprehensive strategic review; a successful capital raise with strong institutional support; and today's announcement of a substantial increase in our ownership of Hydrodec's U.S. activities, increasing our strategic, commercial and operational flexibility in the region. These are the necessary building blocks for Hydrodec to become the leading green re-refiner of transformer oil in the world. With the generation of carbon credits that our output provides, we are now in a position to deliver a strong platform for both growth and profitability, and we look forward to reporting on our further progress in 2019," said Lord Moynihan, Executive Chairman.

At 8:50am: (LON:HYR) Hydrodec Group PLC share price was 0p at 70.25p

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