CHESTERLAND, Ohio, July 24, 2013 /PRNewswire/ -- Fairmount Minerals announced today the signing of a purchase agreement with FTS International (FTSI) to acquire nearly all of FTSI's sand mining operations, resin-coating plants, and distribution terminals. The transaction significantly increases the operational and logistical capabilities of Santrol, a Fairmount Minerals' company. The infrastructure expansion will allow oil and gas customers to source proppant closer to the wellsite.
This purchase includes Northern White operations, adding to Fairmount Minerals' portfolio of Northern White mines in Illinois, Minnesota, and Wisconsin, and Hickory sand reserves. The acquired assets will increase the number of Fairmount Minerals' sand processing and resin-coating facilities.
Santrol's distribution network will now include more than 50 proppant distribution terminals. All of the acquired resources will expand and complement Santrol's robust geographic footprint, further enhancing its ability to supply the ideal proppant as close to the wellsite as possible.
"This compelling opportunity aligns directly with our strategic plan for enhancing our product portfolio, industry expertise, and geographic reach in order to further fulfill the commitment to our valued customers to help them work more efficiently and more productively," said Jenniffer Deckard, President and CEO of Fairmount Minerals.
The transaction closing date is scheduled to be by the end of the third quarter.
About Fairmount Minerals
Fairmount Minerals is one of North America's largest producers of industrial sand. The Chesterland, Ohio-based company operates a global network of mining, mineral processing, manufacturing, and coating facilities with administrative and R&D offices.
Fairmount Minerals' specialized sands advance a vast array of industries and markets, such as construction, filtration, foundry, glass, sports turf, and oil and gas. The company's employees bring its sustainability motto of 'Do Good. Do Well.' to life and embrace its sustainable development (SD) mission of People, Planet, and Prosperity. For more information, please visit: www.FairmountMinerals.com.
Santrol, a Fairmount Minerals' company—one of North America's largest producers of Northern White sand—is a vertically integrated company with market-leading proppants. Santrol's strategically located infrastructure, leveraging Fairmount Minerals' integrated sand mining network, is supported by one of the industry's largest terminal networks and private railcar fleets. Dependable products and services are available at the right place at the right time. Comprehensive R&D underscores a solid commitment to customer performance excellence.
For more information, please visit: Santrol.com.
SOURCE Fairmount Minerals