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20 Jun 2019 | 08:45

Hydrodec Group to sell Australian plant for A$2m; confirms turnaround programme on track

Hydrodec Group said it had agreed to sell its Australian plant for A$2m, and also confirmed that its turnaround programme remained on track. 'I can today announce that the sale of the Australian plant has been agreed in principle for A$2m (excluding decommission and other associated costs) with an expected closing date of 30 June,' said Executive Chairman Lord Moynihan. The company said that at its AGM meeting next year when it would conclude the second-year of its turnaround programme, the business would have achieved the objectives necessary to establish long-term relationships with US utilities. The second year of the turnaround programme would focus on increasing feedstock levels through the plant at Canton; building relationships with US utilities; highlighting the risks of blending used transformer oil as a possible substitute and supporting the US Department of Energy's study on re-refining used oil, expected to be completed by the end of 2019, the company said.

At 8:45am: (LON:HYR) Hydrodec Group PLC share price was +1p at 59p

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