CARBO Announces Idling of Proppant Facility in Millen, Georgia
CEO Gary Kolstad commented: “As mentioned previously, the continued downward pressure on the commodity price for oil negatively impacts industry activity levels and the resulting demand for ceramic proppant. Similar to actions taken in the second quarter, we have decided to idle one of our facilities until such time as market conditions warrant bringing it back online. In addition, we will continue to manage the remaining output of our other proppant facilities, with a focus on managing cash and inventory levels. This decision does not come easily, especially given the direct impact on our employees and their families, to whom we owe much of our success over the last 36 years.” CARBO focuses on integrating technologies to produce engineered solutions in its frackingtechnology businesses.