FTS International closes transaction with Fairmount Minerals September 9, 2013
A. Lee Graham
FTS International Inc. of Fort Worth has closed the sale of substantially all assets of its proppant business and related logistics assets to Fairmount Minerals of Chesterfield, Ohio.
The Fort Worth company has a long-term proppant supply agreement with Fairmount to provide proppant for FTS’ well completion customers.
FTSI said it plans to use net proceeds from the sale for debt reduction. Terms of the transaction were not disclosed.
“The sale of these assets further enables [FTS] to refine the company’s focus on its core well completion business,” said FTS CEO Greg Lanham in a news release.
“We look forward to a long-term partnership with Fairmount efficiently supplying quality proppant for our customers,” Lanham said.
FTS International provides well-completion services for the oil and gas industry. More information is available at www.ftsi.com.