Newpark Resources up on sale of fluids systems segment

NPK International

13/09/2024 21:58

** Shares of oil-related services provider Newpark Resources
 NR.N  rise 3.9% to $7.40 in extended trading 
    ** Company says completed sale of fluids systems segment to
private equity firm SCF Partners
    ** Base sale price of fluids systems segment business is
$127.5 mln; company received total net sale consideration of $56
mln from the transaction 
    ** Company intends to use the net proceeds for organic
investments, inorganic growth, and share buybacks
    ** Post sale, the segment will be reclassified and reported
as discontinued operations for all periods reported
    ** Up to last close, stock had risen 7.2% YTD

 (Reporting by Harshita Mary Varghese in Bengaluru)
 ((HarshitaMary.Varghese@thomsonreuters.com))