Transformer oil rerefiner Hydrodec posted a $7.8 million loss for 2016 – including losses associated with its United Kingdom recycling operations that the company disposed of in March 2016 – an improvement from a $31.1 million loss for 2016.
Revenues for the year from the companys continuing core rerefining business reached $16.8 million for the year, up 104 percent from $8.2 million. That reflected the full recommissioning of its plant in Canton, Ohio, and ongoing refinements to operating procedures and technological efficiency, Hydrodec said in its earnings news release. An explosion and fire destroyed the processing unit at the Canton rerefinery in December 2013. The rebuilt plant resumed operations with two new production trains in mid-2015 and later brought four replacement trains online.
In its full-year results, the company said it oil sales volumes for its transformer oil and process oil reached 33.3 million liters, up 131 percent.
Hydrodec CEO Chris Ellis stated that 2016 was an important year for the company as it made key portfolio changes to focus its business on its transformer oil operations and, in particular, on driving both our margins and overall market share penetration of the U.S. transformer oil market as we relaunched our business there.
Ellis noted that as the companys business at its Canton, Ohio, facility continues to grow, we will further seek to leverage this opportunity with our partner and deploy a further two trains at the appropriate time. The companys partner is transformer recovery firm G&S Technologies Group, which has recycled electrical transformers for more than 50 years.