Ohio-based Fairmount Santrol to merge with Unimin Corp.
Wednesday, January 3, 2018
Fairmount Santrol, a frack sand supplier located in Chesterland, Ohio, recently announced plans to merge with Unimin Corp., a U.S. subsidiary of Belgium’s SRC-Sibelco NV, according to Crain’s Cleveland Business.
The directors of both companies have approved an agreement where Fairmount Santrol and Unimin will combine in a tax-free, cash and stock transaction. The companies expect the transaction to close in mid-2018.
The $170 million deal will create an industrial mineral company with about $2 billion in annual revenue.
Learn more: Crain’s Cleveland Business > Fairmount Santrol shareholders to receive $170 million as company agrees to merge with Unimin Corp.
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.