Asian of September 13, 2024 Newpark Fluids was sold!!! Sold to private company. Search internet for details. Check out the amount lost! Yessiree! David Paterson and management sure failed big time. Sale to private company is not good. Possibility of being dismantled and sold in pieces. We shall see. US side of business was a big failure. Eastern hemisphere performance was better than US side. Share your thoughts.
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Mats is for sale?!?
Ndf struggled to provide quality product to willingly paying customers. Management always lied to investors and customers about sales, manufacturing, business focus.
So is this page for Newpark Fluids Systems now? Or since Mats doesn’t even want the name anymore are people supposed to post somewhere else? SCF has to be some d—mb investors if they paid that much and had to take the name with them. Should have gotten a major discount to take the name also. ADF personnel and NDF after the buy out ran the name into the ground. Then you add the rej-ct from AES (NL) and the Schlumberger hand me down (DP). Please post and let me know when the first cuts happen. When an investment firm buys a company. Usually they hire an outsider or a consulting firm to come in and cut 50% off the top within the first 90 days. Just because they figure the company can run on half. Because everyone is worried and works harder to prove they are “valuable.” They will realize quickly NDF can run of 10% of those currently there. And then will further realize they can do it for 90% less salary also. Management is trash. And only the desperate apply for the jobs HR has been recently putting up on Linkdn. Newpark is a temp service. Be forewarned.
GP and ML are mo--ns and got taken to the cleaners. You couldn't sc--w up the sale more than what these guys did..
Announce you are desperate to sell, get tied up exclusively with PE buyer, keep telling market sale will be finished soon...SCF had all the leverage and just worked them over.
After sc--wing the Woodlands, SCF then started sc--wing the employees...no merit raises, no changes to inflated ACIP targets that will result in horrible bonus payments in 2026, losing unvested stock and monopoly money that never pays out.
I expect 20%+ turnover within 12 months in Fluids.
Mats will be bought and the first act of the new buyer will be to fire the arrogant trio - GP, ML and CF.
How long til they start trimming the fat? Was told that we would be getting “substantial” raises after the buy out. Not holding my breath for that one. But they could justify it by getting rid of about 4 to 5 people out of WTX that would save them about $1m+ a year in salary. SS, JS, LP, TV, and BF. And after the sell we get to keep the Newpark name? That should have gone with the buyout. No chance
of a comeback with that still hanging over our heads. And same leadership? DP and NL? They did so great in the past couple years right?