Flotek pays down $53.8 million facility via asset sale proceeds

By Susanna Moon

Chicago, March 1 – Flotek Industries, Inc. said it has paid off its $53.8 million outstanding credit facility using proceeds of an asset sale.

Flotek sold Florida Chemical Co., LLC, its consumer and industrial chemistry technologies segment, to Archer Daniels Midland Co. for $175 million in cash, according to an announcement by the company.

Remaining proceeds may be used to return capital to shareholders, execute share buybacks, fund previously identified organic growth projects or make additional investments in the business that increase long-term shareholder value.

Flotek is a Houston-based developer and distributor of oilfield technologies, including specialty chemicals and down-hole drilling and production equipment.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.