Newpark Resources Inc., of Louisiana will shut down its Newpark Environmental Water Solutions LLC water treatment business.
According to the Houston Chronicle, the company will dispose or redeploy its assets.
Newpark Environmental Water Solutions formed in 2005 in order to commercialize a patented water treatment technology that was owned by a Mexican company.
However, president and chief executive Paul Howes stated that it was determined that the technology was not commercially viable in the U.S. and Canada.
The Houston Chronicle stated that the expected third-quarter, non-cash pretax charge is comprised of an $18 million write down of investment property, equipment and other capitalized costs estimated at $2 million.