Ceramic Industry News

CARBO Ceramics to Sell Fracture and Reservoir Diagnostic Assets to Halliburton (posted 9/4/08)

September 4, 2008
/ Print / Reprints /
ShareMore
/ Text Size+
CARBO has entered into an agreement with Halliburton to sell a portion of the assets of its Pinnacle Technologies subsidiary for $137 million.

CARBO Ceramics Inc. has entered into a definitive agreement with Halliburton to sell a portion of the assets of its wholly-owned subsidiary, Pinnacle Technologies, for $137 million. The company will sell its Fracture and Reservoir Diagnostics business, including the Pinnacle Technologies, Inc. name and related trademarks, to Halliburton but will retain the FracProPT hydraulic fracturing simulation software; the hydraulic fracturing design, engineering and consulting business; and Applied Geomechanics, a leader in tiltmeter technology for geotechnical applications.

“The fracture and reservoir diagnostics business has been a high growth business for us, and we believe the future potential of this business is reflected in the value we received for these assets,” said Gary Kolstad, president and chief executive officer of CARBO Ceramics. “In addition to the sale of assets, we have executed a multi-year proppant supply agreement with Halliburton that is intended to support our plans to continue to expand the production and use of our superior-quality ceramic proppant worldwide. This transaction monetizes the value of a high-growth business we acquired a little over six years ago and eliminates a conflict with our valued ceramic proppant customers. Equally important, we are retaining the highly respected software and consulting businesses. These two businesses are highly complementary to the ceramic proppant business, share the same client base and, taken together, form an important piece of the global fracturing marketplace.”

The final sales price of the assets being sold is subject to adjustment for changes in working capital, and the closing of the transaction is subject to approval under The Hart-Scott-Rodino Antitrust Improvements Act of 1976 and other customary closing conditions. The parties expect closing to occur within 30-60 days.

Visit www.carboceramics.com for more information.

Links

Did you enjoy this article? Click here to subscribe to Ceramic Industry Magazine.

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

In-Depth Features

These articles detail innovative advanced ceramic and glass materials and technologies.

Podcasts

Sapphire: An Extreme Performer

Ian Doggett of Goodfellow and CI Editor Susan Sutton discuss the benefits and opportunities provided by industrial sapphire.

More Podcasts

THE MAGAZINE

Ceramic Industry Magazine

CI April 2014 cover

2014 April

Our April issue features details on advanced materials such as ceramic matrix composites and piezoelectric ceramics, among many others. Be sure to check it out!

Table Of Contents Subscribe

THE CERAMIC INDUSTRY STORE

M:\General Shared\__AEC Store Katie Z\AEC Store\Images\Ceramics Industry\handbook of advanced ceramics.gif
Handbook of Advanced Ceramics Machining

Ceramics, with their unique properties and diverse applications, hold the potential to revolutionize many industries, including automotive and semiconductors.

More Products

Clear Seas Research

Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications,Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

Directories

CI Data Book July 2012

Ceramic Industry's Directories including Components, Equipment Digest, Services, Data Book & Buyers Guide, Materials Handbook and much more!

STAY CONNECTED

facebook_40px twitter_40px  youtube_40pxlinkedin_40