Emerge to focus on sand after fuels sale

Texas-based Emerge sold both its Direct Fuels and Allied Energy subsidiaries to Sunoco for $178.5 million and will use the proceeds to pay down debt.

"As we have stated on previous earnings calls, we undertook the sale of the fuels business to generate proceeds to pay down Emerge's debt,” Emerge chairman Ted Beneski said. I am encouraged to say that the cash proceeds from this transaction will allow Emerge to substantially reduce its overall debt levels, and will better position the company to opportunistically execute on strategic initiatives and create long term value as the industry looks to exit the current prolonged downturn."

Going