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Flotek acquires citrus oils firm for $102 million

10:49 AM MDT | May 10, 2013 | Rebecca Coons

Oil field chemicals maker Flotek Industries says it has signed a definitive agreement to acquire Winter Haven, FL–based Florida Chemical Company, Inc. (Florida Chemical), the world's largest processor of citrus oils and a "pioneer," according to the announcement, 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 outstanding shares of privately held...

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