Newpark closes sale of Environmental Services business

Newpark Resources Inc.

Newpark Resources Inc. (NYSE: NR) has completed the sale of its Environmental Services business to ecoserv LLC, a portfolio company of 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 provides drilling fluids, temporary worksites, and access roads for oilfield and other commercial markets. 

 

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