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[December 2002]
CARBO Ceramics Completes PR China Plant and Interest in Georgia State
Ceramic proppant manufacturer CARBO Ceramics Inc (Irving, TX, USA) has announced that it has achieved mechanical completion of its new manufacturing facility in Luoyang in PR China. The plant was completed ahead of schedule and within the original budget of US$9.5 million. Initial production from this facility is expected during the fourth quarter of 2002.The company has also recently completed the acquisition of approximately 1,500 acres of land and leasehold interests in Wilkinson County in Georgia State in the USA, containing around 13 million tons of raw material for the production of its lightweight ceramic proppants.
Total acquisition costs were US$4.9 million and the move will provide the company with a low cost, long-term source of raw materials for its manufacturing facility in McIntyre, GA.
CARBO achieved revenues of US$35.5 million in the third quarter of 2002 which gave revenues of US$94.5 million for the first nine months of the year. Third quarter net income was US$5.8 million and the net income for the first nine months totalled US$15.8 million.
In its 28 October 2002 issue, Forbes placed CARBO Ceramics 149th in its Forbes 200 Best Small Companies List.
ENDS