IHS Chemical Week

Flotek acquires citrus oils firm for $102 million

12:10 PM MDT | May 10, 2013

Flotek Industries says it has signed a definitive agreement to acquire Winter Haven, FL-based Florida Chemical Company, Inc., the world's largest processor of citrus oils and a "pioneer" in solvent, chemical synthesis, and flavor/fragrance applications from citrus oils. Under the terms of the agreement, Flotek will pay approximately $102 million—$49.5 million in cash and 3,284,180 shares of Flotek common stock—for the privately-held firm. The acquired company reported 2012 sales and net income of $102 million and $8.7 million, respectively. "The acquisition...

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