U.S. Silica Adjusts Quarterly Dividend to Align with Capital Allocation Strategy
U.S. Silica Holdings, Inc. (NYSE: SLCA) ("U.S. Silica" or the "Company") today announced that its Board of Directors has elected to reduce the Company's quarterly cash dividend to $0.02 per common share from the current quarterly cash dividend of $0.0625 per common share. The dividend is payable April 3, 2020 to shareholders of record as of March 13, 2020.
"I understand the importance of this decision to our shareholders and we will continue to take a deliberate and thoughtful approach to our capital allocation choices," said Bryan Shinn, U.S. Silica chief executive officer. "We believe that reducing our dividend at this time is in the best interest of the Company and shareholders as it will allow us to make additional investments in our growing industrial and logistics businesses and provides greater flexibility to reallocate capital to reduce debt and repurchase shares.''
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About U.S. Silica
U.S. Silica Holdings, Inc. is a performance materials company and is a member of the Russell 2000 Index. The Company is a leading producer of commercial silica used in a wide range of industrial applications and in the oil and gas industry. Over its 119-year history, U.S. Silica has developed core competencies in mining, processing, logistics and materials science that enable it to produce and cost-effectively deliver over 1,500 diversified products to customers across our end markets. U.S. Silica's wholly-owned subsidiaries include EP Minerals and SandBox Logistics™. EP Minerals is an industry leader in the production of products derived from diatomaceous earth, perlite, engineered clays, and non-activated clays. SandBox Logistics™ is a state-of-the-art leader in proppant storage, handling and well-site delivery, dedicated to making proppant logistics cleaner, safer and more efficient. The Company currently operates 27 mines and production facilities. The Company is headquartered in Katy, Texas and has offices in Frederick, Maryland, Reno, Nevada and Chicago, Illinois.