Flotek to acquire Florida Chemical Company

7:27 AM, 11th May 2013

HOUSTON/WINTER HAVEN, US: Flotek Industries Inc announced that, through a wholly-owned subsidiary, the company has signed a definitive agreement to immediately acquire all of the outstanding stock of Winter Haven, Florida-based Florida Chemical Company Inc, the world’s largest processor of citrus oils. Flotek will pay $49.5 million in cash and 3,284,180 shares of Flotek common stock for the outstanding shares of privately-held Florida Chemical.

“The acquisition of Florida Chemical is a transformational opportunity for Flotek. Flotek intends to leverage the vast expertise of Florida Chemical’s world-class research facilities and chemists with its own research expertise to create a leading global research team in renewable and sustainable chemistries for the oilfield as well as other industrial and consumer applications. Moreover, this strategic acquisition enables Flotek to secure supply of key raw materials as well as direct control over raw material costs and inventory,” said John Chisholm, Chairman, President and CEO, Flotek.

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