Hydrogenics Scaling Back Fuel Cell Operations
MISSISSAUGA – Hydrogenics Corp., developer and manufacturer of hydrogen and fuel cell products, cut its losses sharply in the third quarter and said it plans to shut down its Burnaby, B.C.-based fuel cell test products design, development and manufacturing business over the next two years.
The company (TSX: HYG), which trimmed its losses to US$6.5 million from $84.1 million, said the orderly windown of the Burnaby operations will cost between $3.5 million to $4 million and will be a hit to fourth-quarter earnings.
The charges reflect costs for severance, plant closures and warranty obligations. Hydrogenics said fuel cell testing services that is now done in Burnaby will be handled at the company's Toronto-area operations.
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