Archer Daniels (NYSE:ADM)
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By Colin Kellaher
Archer Daniels Midland Co. (ADM) on Friday said it agreed to buy Flotek Industries Inc.'s (FTK) Florida Chemical Co. unit for $175 million in cash.
The Chicago agribusiness giant said the acquisition of Florida Chemical, which specializes in citrus-based flavors and fragrances, expands its flavors offering, which currently includes areas such as vanilla and mint.
Flotek, a Houston-based supplier of chemistry and services to the oil and gas industries, said it will use proceeds from the sale to pay off its roughly $50 million credit facility balance. The company said may also invest $20 million to $30 million in organic growth capital projects.
ADM said about 75 Florida Chemical employees with transfer to the company as part of the deal, which it expects to complete in the first quarter.
Write to Colin Kellaher at firstname.lastname@example.org
(END) Dow Jones Newswires
January 11, 2019 07:25 ET (12:25 GMT)
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