Valhi, the American holding company that owns Waste Control Specialists, said Monday it recorded a net loss of $19.5 million in first-quarter 2016, compared to net income of $11.9 million in the same span of 2015.
Valhi attributed the loss primarily to changes in operating results in the company’s Waste Management and Chemicals segments. Waste Management net sales decreased by $9.8 million, from $15 million in first-quarter 2015 to $5.2 million in 2016. The Chemicals segment’s net sales were down $46.6 million year over year, recording $318.5 million for first-quarter 2016, compared to $365.1 million in 2015. The company cited lower average TiO2 selling prices in the Chemicals segment, which were 14 percent lower in first-quarter 2016 than in the corresponding period of 2015. Finally, real estate net sales decreased from $8.1 million in first-quarter 2015 to $2.7 million in 2016.
Total year-over-year net sales dropped from $416.1 million in first-quarter 2015 to $353.5 million in 2016.
Valhi in November agreed to sell its Waste Control Specialists subsidiary to the parent company of EnergySolutions, Rockwell Holdco Inc., for $270 million in cash, $20 million face amount in Series A Preferred Stock of Rockwell, and the assumption of about $77 million in indebtedness of WCS. The deal is expected to be completed in mid-2016.
Waste Control Specialists operates a large waste disposal site in West Texas, and late last month submitted its license application to the Nuclear Regulatory Commission for a facility to house spent nuclear fuel on an interim basis.
