Headquartered in Lafayette, Louisiana, Composite Mat Solutions LLC will handle all of Newpark's composite mat sales and operations. Newpark's DURA-BASE(R) Composite Mat System provides temporary surfaces for energy, construction, military and other industry applications around the world. The new business unit will focus on expansion of market share beyond the traditional oilfield applications. Frank Buck was most recently chief executive of the U.S. operation of a leading designer and manufacturer of capital equipment for the plastics industry.
Phil Carpenter, an eight-year veteran of Newpark, will continue as president of Newpark Environmental Services, a position he has held since 2001. Consolidating management responsibility for the Gulf Coast oilfield service and waste disposal business units will help align the company with its customers' project-based approach to complex drilling and remediation projects in the market.
James D. Cole, chairman and chief executive officer of Newpark said: "The creation of Composite Mat Solutions is part of our continuing drive to use our leadership position to expand beyond our traditional markets into premium niche markets. I believe Frank and the entire Composite Mat team are primed to create new markets, strengthen our leadership position in our traditional markets and increase the profitability of the composite mat business. The historic Gulf Coast market has dramatically changed in the last 36 months. We see an opportunity to more efficiently serve the Gulf Coast oilfield market with our rental, construction and waste disposal services, while expanding our composite mat product lines into new markets."
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