US Silica Holdings to Explore Options for Industrial and Specialty Products Segment; Stock up to 6%
(RTTNews) – Shares of US Silica Holdings, Inc. (SLCA) gained more than 6% in an extended session on Wednesday after the company said it was exploring strategic alternatives for the industrial and specialty segment (ISP).
US Silica Holdings said it is beginning a review of strategic alternatives for its ISP segment, with a range of options under consideration, including a potential sale or separation of the ISP segment.
“Our board and management team regularly review strategic opportunities, and with our recent assessment of equities closely correlated to energy markets, we believe the time has come to further assess the potential for creating two Targeted stand-alone businesses, ”said Bryan Shinn, Chief Executive Officer. “Our ISP and O&G segments are both industry leaders, and it is from this strong position that we believe that an ISP separation or sale has the potential to unlock significant value and maximize returns for all our stakeholders. “
SLCA closed Wednesday’s trading at $ 8.48, down $ 0.34 or 3.85%, on the Nasdaq. The stock, however, gained over $ 0.52 or 6.13% in after-hours trading.
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