Combined divestitures to generate nearly $80 million of net cash

THE WOODLANDS, Texas, Dec. 1, 2022 /PRNewswire/ -- Newpark Resources, Inc. (NYSE: NR) "Newpark" or the "Company") today announced it has completed the previously announced sale of substantially all the long-lived assets, inventory and operations of its Excalibar mineral grinding business ("Excalibar") to Cimbar Resources, INC. Separately, the Company announced it has also completed the sale of the Conroe, Texas blending and warehouse facility. Combined, these divestitures are expected to generate net cash of nearly $80 million, including a combined $63 million of net cash proceeds received at closing, along with cash generated from the ongoing wind-down of working capital. The proceeds are expected to be used for general corporate purposes, including debt reduction, investment in higher returning opportunities, and the return of value to shareholders through share repurchases.