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FTS International (FTSI) yesterday announced it entered into an agreement to sell substantially all its proppant business assets and related logistics assets to Fairmount Minerals. The sale is expected to close in the third quarter.The transaction includes substantially all of FTSI's sand and frac sand mines, raw sand processing and resin coating plants, rail transload sites, and various other properties and facilities. FTSI will retain its trucking operations to transport proppant from transload sites to well locations.FTSI and Fairmount also plan to craft a long-term supply agreement through which Fairmount subsidiary Santrol will fulfill FTSI's current and future proppant needs."The sale of these assets will enable FTSI to further streamline our business strategy and place greater focus on our core well completion business," said FTSI Chief Executive Officer Greg Lanham in a press release.
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