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Flotek acquires citrus oils company for $102 million

12:39 PM MDT | May 21, 2013 | —Rebecca Coons

Oil field chemicals maker Flotek Industries has signed a definitive agreement to acquire Winter Haven, FL–based Florida Chemical, the world’s largest processor of citrus oils. Flordia Chemical makes citrus oil-based products used in solvent, chemical synthesis, and flavor and fragrance applications. Flotek will pay approximately $102 million—$49.5 million in cash and the balance in Flotek common stock—for the outstanding shares of privately held Florida Chemical. The acquired company reports 2012 sales of $103 million and net income of...

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