Newpark sells Fluids Systems for net $56M; pre-tax impairment ~$200M

NPK International Inc.

Base sale price $127.5M, adjusted by $43M for working capital and $10M debt; net cash proceeds $70M minus $19M foreign cash conveyed plus $5M seller note.
Pre-tax impairment charge ~$200M in Q3 2024, including $65M reclassification of cumulative foreign currency translation losses.
Credit facility amended: commitments reduced from $175M to $100M, Newpark Drilling Fluids released as borrower, leverage covenant tested quarterly.
Proceeds to fund organic investments in composite matting fleet, opportunistic M&A, and share buybacks under existing $50M authorization.
Pro forma net cash $65.6M; seller note $5M at 12.5% interest maturing March 2030; estimated transaction costs ~$7.7M.

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