CARBO® and PicOnyx Partner to Produce M-Tone™ Black Pigments

CARBO Ceramics Inc. and PicOnyx, Inc. announced that they have executed definitive agreements to manage their strategic partnership for M-Tone production. Under the agreements, CARBO will provide PicOnyx with certain production assets and services. Additionally, CARBO will provide PicOnyx with production capacity, manufacturing capabilities and resources to support PicOnyx's growth plans for M-Tone. According to the agreement, in exchange for its contributions and services, CARBO will receive equity stake from PicOnyx and will produce M-Tone for PicOnyx using a "cost plus" methodology. The production operation located in Louisiana is expected to commence operations in the fourth quarter of 2019 and is reported to be able to support PicOnyx's anticipated production requirements for the coming years. PicOnyx Chief Executive Officer Dave Bening stated: "With the successful closing of this transaction, we have a clear path forward to rapidly scale up and aggressively grow PicOnyx. We have the elements of a highly profitable, high-growth business. PicOnyx has an experienced team, capable partners, a new, proven product, scalable manufacturing and motivated customers for the high-performance black pigment market, estimated to be more than one billion dollars (USD 1B)." Source: https://www.paint.org/carbo-piconyx-partner-producem- tonetm-black-pigments/