2nd Apr 2015 07:00
2 April 2015
Hydrodec Group plc
("Hydrodec" or the "Company")
Acquisition of the business of Eco-Oil
Further to the announcement made on 1 April 2015, Hydrodec Group plc (AIM: HYR), the cleantech industrial oil re-refining group, is pleased to announce the completion of the purchase by Hydrodec (UK) Limited of the business, assets and trade name of Eco-Oil from Eco-Oil International Limited and its subsidiaries. The condition relating to the release of security over the transferring assets has now been satisfied.
For further information please contact:
Hydrodec Group plc |
| 020 3300 1643 |
Ian Smale, Chief Executive Chris Ellis, Chief Financial Officer James Hodges, General Counsel and Company Secretary
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Peel Hunt LLP (Nominated Adviser and Broker) |
| 020 7418 8900 |
Justin Jones Mike Bell
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Vigo Communications (PR adviser to Hydrodec) |
| 020 7016 9570 |
Patrick d'Ancona Chris McMahon |
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Notes to Editors:
Hydrodec's technology is a proven, highly efficient, oil re-refining and chemical process initially targeted at the multi-billion US$ market for transformer oil used by the world's electricity industry. Spent oil is currently processed at two commercial plants with distinct competitive advantage delivered through very high recoveries (near 100%), producing 'as new' high quality oils at competitive cost and without environmentally harmful emissions. The process also completely eliminates PCBs, a toxic additive banned under international regulations. Hydrodec's plants are located at Canton, Ohio, US and Young, New South Wales, Australia. In 2013, Hydrodec acquired the business and assets of OSS Group, the UK's largest collector, consolidator and processor of used lubricant oil and seller of processed fuel oil, with a national network of oil storage and transfer stations, currently serviced by a fleet of more than 90 trucks which collect used oil and other garage workshop waste from over 30,000 customers. Used oil is converted into processed fuel oil at OSS's plant at Stourport and principally sold on to the UK quarry and power industry. In line with our stated intention to develop a base oil re-refinery in the UK, we have an exclusive licence agreement with California-based Chemical Engineering Partners (CEP) to develop the CEP wiped-film evaporation and hydrogenation technology in the UK as well as the basic engineering for a 75 million litre per annum capacity base oil re-refinery.
Hydrodec's shares are listed on the AIM Market of the London Stock Exchange. For further information, please visit www.hydrodec.com.
Related Shares:
HYR.L