Pioneer Natural Resources Company (NYSE:PXD) has signed an agreement with a subsidiary of Carmeuse Holding S.A. (Luxemburg) to acquire its U.S. industrial sands business, Carmeuse Industrial Sands, for approximately $297 million.

CIS’ sand mine in Brady, Texas, has more than 30 years of proven brown sand reserve life and is the industry’s largest resource base for brown sand in the U.S. The Brady mine currently has sales capacity of approximately one million tons annually.

Scott Sheffield, Chairman and CEO, stated, “When Carmeuse recently announced plans to sell its U.S. sand ...