NEWPARK RESOURCES PROVIDES STRATEGIC PORTFOLIO UPDATE
Company exploring alternatives for Fluids Systems division
Lanigan continued, "We are very pleased with the progress being made on the execution of our strategy. However, with the growing divergence in our capital allocation priorities, we believe it is the appropriate time to explore potential synergistic opportunities to further strengthen our leading Fluids Systems business. During this review, we are committed to exploring all viable options that are in the best long-term interests of the Fluids Systems business while also helping to enhance its competitive positioning and unlock the inherent value in our two divisions for our shareholders."
The Company has retained Lazard to serve as its exclusive financial advisor in connection with the strategic review. There can be no assurance that any transaction will take place. The Company does not intend to disclose developments with respect to the progress of its evaluation of any strategic options until such time as the Board of Directors has approved a transaction or otherwise deems disclosure required or appropriate.
This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements other than statements of historical facts are forward-looking statements. Words such as "will," "may," "could," "would," "should," "anticipates," "believes," "estimates," "expects," "plans," "intends," and similar expressions are intended to identify these forward-looking statements but are not the exclusive means of identifying them. These statements are not guarantees that our expectations will prove to be correct and involve a number of risks, uncertainties, and assumptions. Many factors, including those discussed more fully elsewhere in this release and in documents filed with the
Senior Vice President and Chief Financial Officer