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Atlantic Harbor Capital GroupTeam 2
U.S. Silica Holdings, Inc. - Initiation of Coverage - Buy
February 21, 2014
Investment Summary
Business Overview
Financial Analysis
Industry Overview
ValuationInvestment
Risk
Closing
Remarks
Investment Summary
• 2nd Largest Domestic Producer• Supply Chain Network Efficiencies• Fortified Customer Relationships• Strategic Partnerships• Patented Technologies• Diversified Product Composition
• 122.9% Increase in Revenue• 546% Increase in Diluted EPS• Quality Asset Base
Sustainable Competitive Advantages
Financial Strength
• New Mine Construction • Growth in Fracing• Resin Coated Products• M&A and Industry Consolidation
Expansion Opportunities
BUY
Recommendation
Current Price: $30.87
Price Target: $38.06
Dividend Yield: 1.64%
Business Overview
Investment Summary
Business Overview
Financial Analysis
Industry Overview
ValuationInvestment
Risk
Closing
Remarks
Business Overview
• Industrial sand mining • Established 113 years ago• Taken public two years ago by GGC• Produces approx. 250 products• 15 mining facilities across the
midwest and east coast• Railcars ship 60% of sand products• Controls over 300 million tons of
reserves• Industrial sand shipped via
transloads• Competes on volume vs. price• Corporate Governance Rating of 8.9
out of 10
Average Realized Price Per Ton, 2008-2012
Tons Sold and Total Sales, 2008 -2012 (in thousands)
Investment Summary
Business Overview
Financial Analysis
Industry Overview
ValuationInvestment
Risk
Closing
Remarks
Business Overview
Investment Summary
Business Overview
Financial Analysis
Industry Overview
ValuationInvestment
Risk
Closing
Remarks
Business Overview
Oil & Gas Segment• Raw Frac Silica Sand • Resin Coated Sand • Largest Frac Processing Plant• 400% Increase in Revenue since 2010
Industrial & Specialty Products (ISP) Segment• Foundry• Glass• Chemical Manufacturing• Building Products• Fillers and Extenders• Recreation & Sports• 60% of Total Volume
2013 Revenue by Segment
Segment Sales Compared to Net Income, 2011 -2019E (in thousands)
FY11 FY12 FY13 FY14E FY15E FY16E FY17E FY18E FY19E -
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
-
25,000
50,000
75,000
100,000
125,000
150,000
175,000
200,000
225,000
250,000
Oil & Gas Sales ISP Sales Net Income
63%
37%
Oil & Gas ProppantsIndustrial & Speciality Prod-ucts
Industry Overview
Investment Summary
Business Overview
Financial Analysis
Industry Overview
ValuationInvestment
Risk
Closing
Remarks
Industry Overview
• US is the world’s leading producer• Valued at $2.2 billion in production• Production has increased by +50%
from 2010 to 2012• 89 companies from 155 operations
across 33 states• Top ten firms produce 75% of sand• 57% of domestic sand tonnage
used for fracing• Projected annual increase in
demand of 8.9% through 2016• Frac sand sales increased 77%
from 2010 -2011• Competitors are privately held
Percent of Domestic Sand Tonnage Used and Produced for the Industry, 2012
Global Market of Industrial Sand Produced and Sold, 2011
Industrial Sand
Investment Summary
Business Overview
Financial Analysis
Industry Overview
ValuationInvestment
Risk
Closing
Remarks
Industry Overview
• Increasing railcars, horizontal wells, and rigs
• YoY proppant consumption growth averaged 30% from 2012 to 2013
• Proppant market expected to grow 12.4% CAGR by 2018
• Oil and gas production increasing through 2020
• Natural gas production to increase 56% from 2010 to 2040
Oil & Gas Production
U.S. Quantity of Rigs by Drilling Type, Jan. 2004- Jan. 2014 Carloads of Crude Industrial Sand on U.S. Class I Railroads, 2006 -2013
Proppant Consumed by Volume, 2002-2022
Investment Summary
Business Overview
Financial Analysis
Industry Overview
ValuationInvestment
Risk
Closing
Remarks
Industry Overview
Bargaining Power of Suppliers
Threat of New Entrants
Bargaining Power of Buyers
Intensity of Competition
Threat of Substitutes
2.50 No Interation 2 Low 4 High1 Insignificant 3 Average 5 Very High
Interaction Rating:
Key Industry Characteristics• Capital Intensive• Highly regulated• Supply chain organization is vital• Economies of Scale• No perfect substitutes• Highly fragmented • Buyers depend on existing
distribution channels• Product differentiation matters• Ownership of mineral deposits
minimizes supplier effect• Sell under short term agreements
and prevailing market rate• Vertical integration is low
Financial Analysis
Investment Summary
Business Overview
Financial Analysis
Industry Overview
ValuationInvestment
Risk
Closing
Remarks
Financial Analysis
• YoY growth has exceeded 20% each year since 2010
• Organic Growtho SLCA plans to increase market share
from 10% to 15% by end of 2015o Resin-coated sando Facility upgrades to increase output
• New Mine Openingso Utica, Illinois (Q2 2014): Increase
production by 1.5 million tons per year
o Eau Claire County, Wisconsin (Q4 2015): Increase production by 3.0 million tons per year of production
• Fracing Boomo Significant increase in demand
through 2020 (8.9% - 12.4% CAGR)
Strong Revenue Growth
Sales Growth & Sales Projections, 2013-2019E
Investment Summary
Business Overview
Financial Analysis
Industry Overview
ValuationInvestment
Risk
Closing
Remarks
Financial Analysis
Margin Compression
• Gross Profit is volume driven• Change in revenue recognition
accounting policies• Downward pressure on
margins due to transloads• Gradual decline in gross profit
margin is expected to continue and stabilizing at 35%
• Declining Oil & Gas segment margins
• Stable ISP segment margins
Segment Contribution Margins, 2011-2019E
Gross Profit Margins, 2012 Q1-2013 Q3
Investment Summary
Business Overview
Financial Analysis
Industry Overview
ValuationInvestment
Risk
Closing
Remarks
Financial Analysis
Sustainable Earnings
• EBITDA and Net Income are expected to nearly double by 2016
• Investments in capital expenditures and strong cash flow generation translate into increasing EPS
• Cost control provides sustainability to operating profit and net profit margins
EBITDA, Net Income, and Fixed Asset Turnover, 2011 – 2019E
Diluted EPS, 2011-2019E
2011 2012 2013 27.6% 44.8% 28.1%2014E 2015E 2016E 28.7% 28.3% 26.7%2017E 2018E 2019E 26.3% 24.3% 22.5%
5.4% 12.2% 9.7% 507.7% 365.5% 288.8%10.9% 12.0% 12.6% 264.6% 235.1% 211.9%13.7% 13.7% 13.7% 192.5% 176.9% 164.8%
10.2% 17.9% 13.8% 53.1% 68.4% 70.7%14.6% 14.8% 14.6% 74.1% 81.4% 86.8%15.2% 15.1% 15.2% 90.1% 91.1% 90.1%
10.2% 17.9% 13.8% 20.6% 26.9% 21.9% 61.5% 92.3% 87.2% 80.9% 72.1% 72.0%14.6% 14.8% 14.6% 22.6% 22.6% 22.2% 90.1% 91.3% 92.5% 72.0% 71.5% 71.0%15.2% 15.1% 15.2% 23.0% 22.8% 23.0% 93.5% 94.3% 94.7% 70.5% 70.0% 69.5%
ROELegend
Net Income/Sales EBIT/Sales EBT/EBIT Net Income/EBT
Sales/Assets
ROA Asset/Equity
Net Income/Sales
Investment Summary
Business Overview
Financial Analysis
Industry Overview
ValuationInvestment
Risk
Closing
Remarks
Financial Analysis
DuPont Analysis
• Economies of scale and operating efficiency lead to higher net profit margins
• Shift in capital structure creating downward pressure on ROE via Equity Multiplier
• Quality asset base and increasing sales are key ROA and ROE drivers
Valuation
Investment Summary
Business Overview
Financial Analysis
Industry Overview
Valuation Investment Risk
Closing
Remarks
Valuation
Discounted Cash Flow Method
Relative Valuation Method
80% Weighting 20% Weighting
• WACC: Build-Up Method• Super Normal Growth• Transitional Multi-Stage Growth• Free Cash Flow to the Firm
• Three Publicly Traded Firms• Market Cap Multiples• Equal Weighting• Limited Comparables
Investment Summary
Business Overview
Financial Analysis
Industry Overview
Valuation Investment Risk
Closing
Remarks
Valuation
DCF Assumptions
WACC: Build-Up Method
• Risk Free Rate: 20 yr. Constant Maturity Rate• Equity & Risk Premium: Duff & Phelps 2013 Risk Premium Report• Industry Risk Premium: Ibbotson 2013 Valuation Edition Yearbook• Company Specific Risk Premium: Team Estimate• Changing Capital Structure
Impact AssumptionsSales Transloads ↑ , Market Share ↑ , Reliance on ISP ↓COGS Transloads ↑ , Cost Pass-through ↑CapEx ~$60-$80 MM Annually, Acquisition ↑NWC Liquidity Needs ↑ , Accounts Receivable ↑
WACC Super Normal Growth ↑ , Transitional Growth ↓ , Terminal Growth ↓Equity Value LT Debt ↓ , Excess Cash ↑
Investment Summary
Business Overview
Financial Analysis
Industry Overview
Valuation Investment Risk
Closing
Remarks
Valuation
• Super Normal Growth Phaseo 6 Year Period, 18% CAGR, Increased Transloads
• Transitional Growth Phaseo 6 Year Period, 8.25% CAGR, Mature Industry
DCF Valuation
Investment Summary
Business Overview
Financial Analysis
Industry Overview
Valuation Investment Risk
Closing
Remarks
Valuation
• Terminal Growth Phaseo 3.0% CAGR, Company and Industry Stabilization
• Added back non-operating cash• Subtracted long-term debt
DCF Valuation
DCF Price Target: $33.40
Super Normal Growth PV: $481,802
Transitional Growth PV: $609,926
Perpetuity Growth PV: $971,358
Investment Summary
Business Overview
Financial Analysis
Industry Overview
Valuation Investment Risk
Closing
Remarks
Valuation
• Comparable Companieso Hi-Crush Partners (HCLP)o Emerge Energy Services (EMES)o Carbo Ceramics (CRR)
• Characteristics of other mining industries not comparable• Privately held firms identified were outside of size range or industry • Market Capitalization Metrics
o Revenue, Gross Profit, EBITDA
Relative Valuation
Investment Summary
Business Overview
Financial Analysis
Industry Overview
Valuation Investment Risk
Closing
Remarks
Valuation
Relative Valuation
• Equal weighting used for each multiple• U.S. Silica 2013 metrics applied to
multiples
Relative Valuation Price Target: $56.70
Average Multiples
Investment Summary
Business Overview
Financial Analysis
Industry Overview
Valuation Investment Risk
Closing
Remarks
Valuation
Upside: 23%Price Appreciation: $7.19
DCF Price Target: $33.40
80% Weighting
Relative Valuation Price Target:
$56.70
20% Weighting
Year-end Price Target: $38.06
Investment Risks
Investment Summary
Business Overview
Financial Analysis
Industry Overview
Valuation Investment Risk
Closing
Remarks
Investment Risks
Key Risk Factors• New Project Complications: Greenfield projects in Utica, IL and Eau Claire County, WI• Fed’s Monetary Policy: QE reduction and rising interest rates• Declining GDP Growth: Impact to housing, manufacturing, and consumer discretionary• Oil/Gas Price Volatility: “Double-Edged Sword”• GGC Divesture: Uncertainty surrounding strategic and operational structure• Labor Costs/COGS Increases• Harsh Environmental Conditions (Extreme Cold Weather): Q1 & Q4 results• Fracing: Varying degrees of local government sentiment & state regulations • Industrial Sand Mining Legislation: Health and safety concerns• Stock Specific: Market expectations compared to actual results
Investment Summary
Business Overview
Financial Analysis
Industry Overview
Valuation Investment Risk
Closing
Remarks
Investment Risks
HIG
H
Key GGC DivestureFederal Reserve
System's Monetary Policy
Market Risk
Event Driven Risk
AV
ERA
GE
Severe Weather, Natural Disasters, Terrorist
Attacks & WarStock Specific Factors
Volatility in Oil & Gas Prices
Economic RiskIndustrial Sand Mining
Legislation
State Regulations & Local Government
Sentiment
Increase in Labor Costs & Cost of Sales
New Project Complications
Operational RiskDrop in GDP Growth
Rate & Economic Decline
Political Risk
LOW
TRIVIAL MODERATE SERIOUS
IMPACT
PR
OB
AB
ILIT
Y
Closing Remarks
Investment Summary
Business Overview
Financial Analysis
Industry Overview
Valuation Investment Risk
Closing
Remarks
Closing Remarks
2013 Q4 Preliminary Earnings Announcement
• SLCAo Revenues: $149.5 M vs. $150.6 M estimatedo Net Income: $0.31 per share vs. $0.34 per share estimatedo Cited weather conditions and a one time bad debt expense due to customer
bankruptcy• HCLP
o Net Income: $0.63 per share vs. $0.63 per share estimatedo Cited minimal weather impact and met expectations
• CRRo Net Income: $0.90 per share vs. $0.82 per share estimatedo Cited some weather impact in early October and exceed expectations
Recent Company News
• Supply chain expansion agreement with Union Pacific to develop a 20,000 ton frac storage facility
• SLCA joins the S&P Small Cap 600• Paid quarterly cash dividend
Investment Summary
Business Overview
Financial Analysis
Industry Overview
Valuation Investment Risk
Closing
Remarks
Closing Remarks
Business Overview
Valuation
Financial Analysis
Recent Company
News
Industry Overview
Investment Risks
BUY
Thank you
Appendix
M&A Analysis
HCLP AugustaPurchase
Price
Annual Increase(in Tons)
SLCAAverage Realized Price
Per Ton
SLCAAnnual Increase
in Revenue
SLCAEBITDA
Percentage
SLCAAnnual Increase
in EBITDA
SLCA Annual Growth Rate in
EBITDA
103,125$ 1,600 61.63$ 98,608$ 28.5% 28,103$ 3%
SLCA Acquisition Based on Historical Data from HCLP
Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6Additional Cash Inflow/(Outflow) (103,125)$ 28,103$ 28,946$ 29,815$ 30,709$ 31,630$ 32,579$ Less: Additional Depreciation & Amortization -$ (8,594)$ (8,594)$ (8,594)$ (8,594)$ (8,594)$ (8,594)$ Pre-Tax Income (103,125)$ 19,510$ 20,353$ 21,221$ 22,115$ 23,037$ 23,986$ Less: Income Tax -$ (5,463)$ (5,699)$ (5,942)$ (6,192)$ (6,450)$ (6,716)$ After-Tax Income/(Expense) (103,125)$ 14,047$ 14,654$ 15,279$ 15,923$ 16,586$ 17,270$ Add: Additional Depreciation & Amortization -$ 8,594$ 8,594$ 8,594$ 8,594$ 8,594$ 8,594$ After-Tax Cash Inflow/(Outflow) (103,125)$ 22,641$ 23,248$ 23,873$ 24,517$ 25,180$ 25,863$ Present Value Factor 1.000 0.906 0.809 0.715 0.624 0.542 0.467 PV of Cash Inflow/(Outflow) (103,125)$ 20,512$ 18,814$ 17,078$ 15,306$ 13,649$ 12,081$
Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Terminal ValueAdditional Cash Inflow/(Outflow) 33,557$ 34,563$ 35,600$ 36,668$ 37,768$ 38,902$ 419,390$ Less: Additional Depreciation & Amortization (8,594)$ (8,594)$ (8,594)$ (8,594)$ (8,594)$ (8,594)$ -$ Pre-Tax Income 24,963$ 25,970$ 27,007$ 28,075$ 29,175$ 30,308$ 419,390$ Less: Income Tax (6,990)$ (7,272)$ (7,562)$ (7,861)$ (8,169)$ (8,486)$ (117,429)$ After-Tax Income/(Expense) 17,973$ 18,698$ 19,445$ 20,214$ 21,006$ 21,822$ 301,961$ Add: Additional Depreciation & Amortization 8,594$ 8,594$ 8,594$ 8,594$ 8,594$ 8,594$ -$ After-Tax Cash Inflow/(Outflow) 26,567$ 27,292$ 28,039$ 28,808$ 29,600$ 30,415$ 301,961$ Present Value Factor 0.422 0.377 0.335 0.301 0.270 0.242 0.242 PV of Cash Inflow/(Outflow) 11,202$ 10,276$ 9,398$ 8,661$ 8,003$ 7,358$ 73,050$
M&A Analysis
Total PV of Acquisition 122,263$ Divided By: Shares Outstanding 53,400 Additional Value Per Share 2.29$
Potential price per share toward SLCA value in the event of an acquisition of
similar size as HCLP
• Analysis was conducted to determine the potential impact of an acquisition on the SLCA price per share
• Management has commented on the possibility of M&A activity; however, the extent of the acquisition, type of acquisition, and impact are unknown
• Analysis based on HCLP acquisition• Last SCLA acquisition was early to
mid 2000s and the data is unreliable
Super Normal Growth Phase WACC
2014 2015 2016 2017 2018 2019Weighted Average Cost of Equity 8.9% 9.8% 10.6% 11.4% 12.1% 12.7%Weighted Average Cost of Debt 1.4% 1.4% 1.2% 1.1% 0.9% 0.9%Weighted Average Cost of Capital 10.4% 11.2% 11.8% 12.5% 13.0% 13.5%
Summary - WACC
2014 2015 2016 2017 2018 2019
Company Long-Term Debt Rate 4.0% 4.3% 4.3% 4.5% 4.5% 4.8%
Times: (1 - Tax Rate) 72.0% 71.5% 71.0% 70.5% 70.0% 69.5%Cost of Debt 2.88% 3.04% 3.02% 3.17% 3.15% 3.30%
Cost of Debt (above) 2.88% 3.04% 3.02% 3.17% 3.15% 3.30%
Times: Debt in Capital Structure 49.9% 44.5% 39.3% 34.2% 29.7% 25.9%Weighted Average Cost of Debt 1.4% 1.4% 1.2% 1.1% 0.9% 0.9%
Weighted Average Cost of Debt
2014 2015 2016 2017 2018 2019
Risk Free Rate 3.7% 3.7% 3.7% 3.7% 3.7% 3.7%
Equity & Size Risk Premium 10.4% 10.2% 10.0% 9.9% 9.7% 9.6%
Industry Risk Premium 2.3% 2.3% 2.3% 2.3% 2.3% 2.3%
Company Specific Risk Rate 1.5% 1.5% 1.5% 1.5% 1.5% 1.5%Cost of Equity 17.9% 17.7% 17.5% 17.3% 17.2% 17.1%
Cost of Equity (above) 17.9% 17.7% 17.5% 17.3% 17.2% 17.1%
Times: Equity in Capital Structure 50.1% 55.5% 60.7% 65.8% 70.3% 74.1%Weighted Average Cost of Equity 8.9% 9.8% 10.6% 11.4% 12.1% 12.7%
Weighted Average Cost of Equity
Transitional Growth Phase WACC
2020 2021 2022 2023 2024 2025
Company Long-Term Debt Rate 4.8% 4.8% 4.8% 4.8% 4.8% 4.8%
Times: (1 - Tax Rate) 68.0% 68.0% 68.0% 68.0% 68.0% 68.0%Cost of Debt 3.23% 3.23% 3.23% 3.23% 3.23% 3.23%
Cost of Debt (above) 3.23% 3.23% 3.23% 3.23% 3.23% 3.23%
Times: Debt in Capital Structure 28.0% 28.0% 28.0% 28.0% 28.0% 28.0%Weighted Average Cost of Debt 0.9% 0.9% 0.9% 0.9% 0.9% 0.9%
Weighted Average Cost of Debt
2020 2021 2022 2023 2024 2025Weighted Average Cost of Equity 12.2% 12.1% 12.0% 11.9% 11.7% 11.6%Weighted Average Cost of Debt 0.9% 0.9% 0.9% 0.9% 0.9% 0.9%Weighted Average Cost of Capital 13.1% 13.0% 12.9% 12.8% 12.6% 12.6%
Summary - WACC
2020 2021 2022 2023 2024 2025
Risk Free Rate 3.7% 3.7% 3.7% 3.7% 3.7% 3.7%
Equity & Size Risk Premium 9.5% 9.3% 9.2% 9.0% 8.8% 8.7%
Industry Risk Premium 2.3% 2.3% 2.3% 2.3% 2.3% 2.3%
Company Specific Risk Rate 1.5% 1.5% 1.5% 1.5% 1.5% 1.5%Cost of Equity 17.0% 16.8% 16.7% 16.5% 16.3% 16.2%
Cost of Equity (above) 17.0% 16.8% 16.7% 16.5% 16.3% 16.2%
Times: Equity in Capital Structure 72.0% 72.0% 72.0% 72.0% 72.0% 72.0%Weighted Average Cost of Equity 12.2% 12.1% 12.0% 11.9% 11.7% 11.6%
Weighted Average Cost of Equity
FCFF Projections
FY 14E FY 15E FY 16E FY 17E FY 18E FY 19E
Net Revenues 663,065$ 803,093$ 959,257$ 1,128,393$ 1,302,411$ 1,470,461$ Cost of Revenues (421,046)$ (513,979)$ (618,721)$ (727,814)$ (846,567)$ (955,800)$
Gross Proft 242,019 289,113 340,536 400,580 455,844 514,662 SG&A (53,045) (60,232) (71,944) (78,988) (91,169) (102,932)
Depreciation, Amortization, & Depletion (39,280) (47,336) (56,092) (61,692) (67,292) (72,892)
Total OpEx (92,326) (107,568) (128,036) (140,679) (158,461) (175,824)
EBIT 149,693 181,545 212,500 259,900 297,383 338,837 Interest Expense (14,886) (15,853) (15,903) (16,908) (16,993) (18,041) Pre-tax Income 134,808 165,693 196,597 242,992 280,390 320,796 Tax Expense (37,746) (47,222) (57,013) (71,683) (84,117) (97,843)
Net Income 97,061 118,470 139,584 171,310 196,273 222,953 Interest Expense 14,886 15,853 15,903 16,908 16,993 18,041 Depreciation, Amortization, & Depletion 39,280 47,336 56,092 61,692 67,292 72,892
Total Gross Cash Flow 151,227 181,659 211,579 249,909 280,558 313,886 Change in Working Capital (961) (15,792) (16,805) (18,233) (15,513) (12,029) Capital Expenditures (70,000) (70,000) (70,000) (70,000) (70,000) (70,000)
Free Cash Flow to the Firm 80,266$ 95,867$ 124,774$ 161,676$ 195,045$ 231,857$
Corporate Governance Rating
Weighted Score Total
SLCA CG Rating
24 27 89%8.9
Company CG Rating
SLCA 8.9HCLP 7.8CRR 9.3
EMES 8.5Mean 8.6
• Scorecard developed in the form of a questionnaire using 27 key corporate governance items from the following sources:o CFA Institute’s Corporate Governance of Listed Companieso International Finance Corporation’s Corporate Governance Development
Frameworko Organization for Economic Cooperation and Development’s Principles of Corporate
Governance• Equal Weighting• Benchmark of 8.6
Product Offering
Type of Product
Proppants
Whole Grain Sand
Fine Ground Silica
Ground Silica
Calcined Kaolin Clay
Aplite
Testing Silica
Recreational Silica
Hydrous Kaolin Clay
FLORISIL ®
Sand used for hydraulic fracturing and masonry testing (C-109). They are available in graded and 20-30 grades, both conforming to ASTM C-778.
Silica sand used for gold, volleyball, and other sports such as turf, tracks, synthetic sports fields, horse tracks, and arenas. Products follow the NCAA Division I and Division II guidelines for volleyball, and USGA guidelines for golf.
A low brightness matieral widely accepted as a coating clay in ceramics and glazes due to its excellent opacity and hiding power. It also serves as an extender in coatings, and a hard clay in rubber systems.
A highly selective adsorbent that has extensive utility in preparative and analytical chromatography. This adsorbent is unique because it is comprised of extremely white, hard-powdered synthetic magnesium-silica gel.
Product Description
Product line includes frac silica sand and resin-coated sand. Resin-coated sand is higher quality and provides a higher crush resistance than raw frac sand. SLCA's Northern White proppants set the industry standard for quality and consistency for whole grain quartz proppants. This durable proppant exhibits exceptional strength, integrity, and purity, and will not degrade or dissolve during normal fracturing operations.
Available in round, angular and sub-angular grain shapes and size distributions to meet many application requirements. Products are engineered to optimize the performance of air scour portable water filters and tertiary filter systems. Whole grain sand is frequently used in glassmaking, foundry, and manufacturing.
This product line is a high purity, high quality, inert, white crystalline silica available in five size distributions, 5, 10, 15, 30, and 40 micron topsize. The consistent pH and narrow size distributions allow very high loading with minimal effect on viscosity and cure rate versus synthetic silicas.Comes in sizes ranging from 40 to 250 microns for use in plastics, rubber, polishes, cleaners, paints, ceramic frits and glazes, textile fiberglass and precision castings. It also includes fine ground silica which comes in sizes ranging from 5 to 40 microns for use in premium paints, specialty coatings, sealants, silicone rubber, and epoxies.A mineral primarily used as a functional extender. Calcined kaolin clay is chemically inert, has a high covering power, gives desirable flow properties, and reduces the amount of expensive pigments required.
A mineral used to produce container glass and insulation fiber glass, and is a source of alumina that has a low melting point and a low tendency to form defects in glass.
