Florida Chemical Company Inc. and its units including FC PRO LLC have agreed to be acquired by Flotek Industries Inc., a publicly traded Houston-based oilfield technology and specialty chemistry company.
Under the agreement, Florida Chemical will become a unit of Flotek. The company will continue to operate from its Winter Haven, Fla. headquarters and will process citrus oil for the oil and gas industry as well as the flavor and fragrance industry.
Florida Chemical and Flotek began working together over 15 years ago in the development of specialty oilfield chemistries. Under the agreement, Florida Chemical will have access to new sources of capital to continue its growth strategy while Flotek will have additional research capabilities to meet growing demand for high-performance oilfield chemistries with an environmental focus.
In addition, Florida Chemical said it remains committed to continuing the growth and innovation of its flavor and fragrance operation as well as other important specialty chemical lines associated with citrus oil processing.