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.
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SOURCE U.S. Silica Holdings, Inc.