CARBO Ceramics Announces New Plant Construction
January 19, 2004
CARBO Ceramics Inc. recently announced that its board of directors has approved the construction of a new manufacturing plant in Wilkinson County, Ga. The plant is designed to have annual manufacturing capacity of 250 million pounds, an increase of over 35% from the company's current annual capacity. The plant is expected to be operational by the end of 2005 and is anticipated to cost approximately $62 million. "We are very pleased with oil and gas producers' increasing recognition of the value added through the use of ceramic proppants in the hydraulic fracturing of their wells," said C. Mark Pearson, Ph.D., president and chief executive officer. "The decision to move forward on this facility reflects our belief that this recognition will continue to increase the demand for our products. The facility's location in Wilkinson County is designed to take advantage of the significant raw material deposits we have acquired in the area over the last two years." The company also announced that its board of directors has approved the payment of a dividend on February 16, 2004, of $.10 per share to shareholders of record on January 30, 2004.
For more information, visit http://www.carboceramics.com .