Shares of U.S. Silica Holdings, Inc. (SLCA) gained over 6% in extended session on Wednesday after the company announced it is exploring strategic alternatives for Industrial & Specialty Products (ISP) segment.
U.S. Silica Holdings said it is commencing a review of strategic alternatives for its ISP segment, with a range of options are under consideration, including a potential sale or separation of the ISP segment.
"Our Board and management team regularly review strategic opportunities, and with our recent equity valuation tightly correlated to the energy markets, we believe now is the appropriate time to further assess the potential of creating two, focused standalone businesses," said Bryan Shinn, Chief Executive Officer. "Both our ISP and O&G segments are industry leaders, and it is from this position of strength that we believe a separation or sale of ISP has the potential to unlock significant value and maximize returns for all of our stakeholders."
SLCA closed Wednesday's trading at $8.48, down $0.34 or 3.85%, on the Nasdaq. The stock, however, gained over $0.52 or 6.13% in the after-hours trading.
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