Industry: Oil & Gas Equipment & Services
Full Time Employees: 334
HQ: Houston, Texas
http://www.flotekind.com
Flotek Industries to sell Florida Chemical To ADM (ADM) for $175 million
- Co entered into a definitive agreement to sell Florida Chemical Company, its Consumer and Industrial Chemistry Technologies segment, to Archer Daniels Midland (ADM) for total consideration of $175 million in cash, subject to post-closing working capital and other adjustments.
- Following closing of the transaction, Flotek will focus its efforts on providing its global clients best-in-class solutions designed to maximize performance of their oil and gas wells, while simultaneously lowering well costs and fluid complexity. Flotek intends to use the net proceeds to pay off its credit facility balance of approximately $50 million. In addition, the Company is currently considering investing $20 million to $30 million in previously identified organic growth capital projects and will carefully review other future potential uses of the remaining funds.
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