Analyst Research

Report Title Price
Provider: Thomson Reuters Stock Report
Provider: New Constructs, LLC
Provider: MacroRisk Analytics/EconomicInvestor
Provider: ValuEngine, Inc.

NYSE and AMEX quotes delayed by at least 20 minutes. NASDAQ delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

Flotek Industries Inc Announces Definitive Agreement To Acquire Florida Chemical Company, Inc

Friday, 10 May 2013 06:30am EDT 

Flotek Industries Inc announced that, through a wholly-owned subsidiary, the Company has signed a Definitive Agreement (the Agreement) to immediately acquire all of the outstanding stock of Winter Haven, Florida-based Florida Chemical Company, Inc. (Florida Chemical), the processor of citrus oils and a pioneer in solvent, chemical synthesis and flavor/fragrance applications from citrus oils from facilities in Florida and Texas. Under the terms of the Agreement, 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. In conjunction with the acquisition Flotek has entered into an Amended and Restated Credit Agreement with PNC Bank. Under the terms of the facility, PNC has agreed to increase the Company's total facility to $125 million comprised of a $50 million term loan and a $75 million revolving credit facility. Flotek intends to fund the cash portion of the acquisition through the proceeds from both the term loan and revolving credit facility. Flotek intends to make no immediate changes to the structure and operations of Florida Chemical. Josh Snively, current President and CEO of Florida Chemical, will remain President of the wholly-owned subsidiary of Flotek. 

Company Quote

-0.06 -0.20%
29 Jul 2014