Friday, May 10, 8:32 AM
Flotek Industries (FTK) agrees to acquire privately-held citrus oils producer Florida Chemical for ~$102M in cash and stock, a deal the specialty chemical company says will help it secure key raw materials. Florida Chemical makes bio-based products for the oil and gas business, among others, and has been a FTK supplier for 15 years.
Tuesday, April 9, 11:47 AM
GE's planned purchase of pump maker Lufkin (LUFK) at the industry’s most expensive price tag highlights demand for oilfield equipment that may spark takeover interest from large-cap oilfield servicers for Weatherford (WFT), Flotek (FTK) and Tesco (TESO), Bloomberg writes. Even after WFT surged yesterday on the Lufkin news, its $18B enterprise value still equals just 7.3x trailing 12-month EBITDA.
Thursday, March 14, 8:54 AM
Flotek Industries (FTK) plans to partner with Oman-based Gulf Energy to build an oilfield chemistry production facility and create an R&D organization focused on the Middle East and North Africa. FTK will own 60% of two new Omani-registered limited liability companies; FTK and Gulf will jointly market the products and services. FTK -1% premarket.
Comment![Energy, Global & FX]
Monday, December 31, 2012, 5:07 PM
Flotek Industries (FTK) says it's entered into transactions to repurchase approximately $50M of it's outstanding convertible notes from institutional holders. The privately negotiated transactions were negotiated at an average of approximately 100.59% of par value plus accrued interest. The company will fund the repurchase with cash on hand and through its $75M credit facility with PNC bank.
Wednesday, November 7, 2012, 6:17 PMFlotek Industries (FTK): Q3 EPS of $0.28 beats by $0.07. Revenue of $78.6M (+4.7% Y/Y) misses by $5M. Shares -6.9% AH. (PR)
Comment![Earnings, Energy, On the Move]