Newpark Resources Announces Closing Of Sale Of Environmental Services Business
THE WOODLANDS, Texas, March 17, 2014
THE WOODLANDS, Texas, March 17, 2014 /PRNewswire/ -- Newpark Resources, Inc.
(NYSE: NR) today announced that it has completed the previously announced sale
of its Environmental Services business to ecoserv, LLC, a portfolio company of
Denver-based Lariat Partners, LP, for $100 million in cash. The completed
sale is expected to generate approximately $70 million of net cash, after
payment of transaction-related expenses and tax obligations. The proceeds
will be used for general corporate purposes, including investments in its core
drilling fluids and mats segments, potential acquisitions, along with the
continued share purchases under the current repurchase program.
Newpark Resources, Inc. is a worldwide provider of drilling fluids, temporary
worksites and access roads for oilfield and other commercial markets. For
more information, visit our website at www.newpark.com.
This news release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act that are based on management's
current expectations, estimates and projections. All statements that address
expectations or projections about the future, including Newpark's strategy for
growth, product development, market position, expected expenditures and
financial results are forward-looking statements. Some of the forward-looking
statements may be identified by words like "expects," "anticipates," "plans,"
"intends," "projects," "indicates," and similar expressions. These statements
are not guarantees of future performance and involve a number of risks,
uncertainties and assumptions. Many factors, including those discussed more
fully elsewhere in this release and in documents filed with the Securities and
Exchange Commission by Newpark, particularly its Annual Report on Form 10-K
for the year ended December 31, 2013, as well as others, could cause results
to differ materially from those stated. These risk factors include, but are
not limited to, our ability to execute our business strategy and make
successful business acquisitions and capital investments, operating hazards
inherent in the oil and natural gas industry, our international operations,
the availability of raw materials and skilled personnel, the impact of
restrictions on offshore drilling activity, our customer concentration and
cyclical nature of our industry, our market competition, the cost and
continued availability of borrowed funds, legal and regulatory matters,
including environmental regulations, inherent limitations in insurance
coverage, potential impairments of long-lived intangible assets, technological
developments in our industry, and the impact of severe weather, particularly
in the U.S. Gulf Coast. Newpark's filings with the Securities and Exchange
Commission can be obtained at no charge at www.sec.gov, as well as through our
website at www.newpark.com.
Contacts: Gregg Piontek, VP & CFO
Newpark Resources, Inc.
Ken Dennard, Managing Partner
Karen Roan, SVP
Dennard ▪ Lascar Associates
SOURCE Newpark Resources, Inc.
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