Note 8 - Property, Plant and Equipment

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

NOTE

8

– PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consists of the following (In thousands of dollars):

	December 31,
	2016			2015
Machinery and equipment	$	41,904		$	11,049
Building and improvements		22,762			13,498
Furniture, office equipment & others		1,731			1,844
Leased assets		15,824			1,682
		82,221			28,073
Less: accumulated depreciation		(12,452	)		(12,864	)
		69,769			15,209
Add: construction in process		4,374			21,186
Total property, plant and equipment, net	$	74,143		$	36,395

The leased assets were pledged against the lease payments associated with the capital lease transactions as of

December

31,

2016

(Note

13).

Machinery and equipment amounting to

$13.26

million was pledged against the lease payments associated with the sale-leaseback transaction as of

December

31,

2016

(Note

12).

Depreciation expense for the years ended

December

31,

2016

and

2015

totaled approximately

$3.03

million and

$0.93

million, respectively.