U.S. Silica Completes Acquisition of Cadre Services
FREDERICK, Md., July 31, 2014 /PRNewswire/ -- U.S. Silica Holdings, Inc. (NYSE: SLCA) announced today that it has completed the acquisition of Cadre Services Inc., a leading regional sand mining company based in Voca, Texas. The addition of Cadre's outstanding operational and logistics capabilities allows U.S. Silica to expand its geographic footprint and product offerings in the fast-growing Permian Basin. The purchase price was $98 million.
"The successful acquisition of Cadre presents new opportunities for U.S. Silica and supports our strategy to bring on additional capacity to serve the growing demand for raw sand proppants," said Bryan Shinn, president and chief executive officer. "Specifically, it allows us to provide our customers with high-quality, regionally produced products that effectively meet the demands of many of the Permian oil and gas wells," he added. Cadre's business has been renamed Cadre, a U.S. Silica Company.
About U.S. Silica
U.S. Silica Holdings, Inc., a member of the Russell 2000, is one of the largest domestic producers of commercial silica, a specialized mineral that is a critical input into the oil and gas proppants end market. The company also processes ground and unground silica sand for a variety of industrial and specialty products end markets such as glass, fiberglass, foundry molds, municipal filtration and recreational uses. During its 100-plus year history, U.S. Silica Holdings, Inc. has developed core competencies in mining, processing, logistics and materials science that enable it to produce and cost-effectively deliver over 250 products to customers across these end markets. U.S. Silica Holdings, Inc. is headquartered in Frederick, Md.
Media Inquiries: Alison Holder
Manager of Corporate Communications
301-682-0326
holder@ussilica.com
Investor Relations Inquiries: Mike Lawson
Director of Investor Relations and Corporate Communications
301-682-0304
lawsonm@ussilica.com
SOURCE U.S. Silica Holdings, Inc.
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.