U.S. Silica To Lay Off About 10% Of Total Workforce

(RTTNews) - U.S. Silica Holdings Inc. (SLCA) said that it would lay off about 230 employees or 10% of the total company workforce.

It expects annual SG&A savings from the actions as well as other cost reductions to be about $20 million.

The company said it will idle both the Utica, Illinois and Tyler, Texas mines. Other facilities impacted, but not idled are; Crane County in Texas, Sparta, Wisconsin, and Festus, Missouri. The workforce reduction in operations will reduce staffed O&G capacity by 7 million tons, which will be better aligned with current demand.

The company expects to incur about $1.7 million in related severance costs in the fourth quarter of 2019 and will consider any impairment charges as it closes the fourth quarter and fiscal year end.