NR - Newpark to explore alternatives for Fluids Systems business

2023-06-20 08:21:47 ET

Newpark Resources ( NYSE: NR ) said Tuesday it is exploring strategic alternatives for the long-term positioning of its Fluids Systems division.

"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," President and CEO Matthew Lanigan said.

Newpark ( NR ) is "well-positioned to capitalize upon the ongoing upcycle in oil and gas activity," Lanigan also said.

The company said it retained Lazard as its exclusive financial advisor in connection with the strategic review.

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• Stock price return: Up 11.5% YTD, up 24.5% in the past 12 months

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