Flotek Industries (FTK) Tops Q2 EPS by 6c
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Flotek Industries (FTK) to Acquire Polymerics in Cash, Stock Deal
July 27, 2016 7:13 AM EDTFlotek Industries, Inc. (NYSE: FTK) announced its intent to acquire International Polymerics, Inc. ("IPI"), and affiliates, for consideration consisting of cash and Flotek common stock. The acquisition will be treated as an asset purchase for income taxation purposes. Included in the assets will be approximately $1.2 million in working capital.
Flotek will pay approximately $7.9 million in cash and issue approximately 248,000 shares of common stock as consideration for the acquisition.
Founded in 2004, IPI is based in Dalton, Georgia with a distribution center in Monahans, Texas and is one of the largest domestic... More
