Flotek Industries to Acquire LifTech
Flotek Industries, Inc. has signed a definitive agreement to acquire LifTech, LLC for approximately $5.2 million in cash and stock.
LifTech markets and services electric submersible pumps primarily to coal bed methane gas producers in the Powder River Basin. LifTech has several pump testing facilities which will be used by our entire artificial lift division to support service requirements of our larger customers.
Jerry D. Dumas, Sr., Chairman and Chief Executive Officer of Flotek, stated, "The acquisition of LifTech and Total Well Solutions, Inc. acquired in April 2006, executes our goal to develop a significant artificial lift segment and expand our production driven revenue base. The combined companies will provide a broad spectrum of electric submersible pumps, gas separators, valves and services to fully support the coal bed methane producers in the Powder River Basin and beyond. We believe the recent artificial lift acquisitions will provide additional marketing opportunities for our patented Petrovalve line of pump components, our patented gas separator, and our complete line of electric submersible pumps."
Flotek manufactures and markets innovative specialty chemicals,
drilling and production equipment, and manages automated
handling, loading and blending facilities. It serves major
companies in the domestic and international oilfield service
- Flotek Refutes Study Findings, Says Oilfield is Biggest Lab (Dec 27)
- Flotek's 3Q Revenues Hit by Declines in Oilfield Activity (Nov 17)
- Flotek Closes $16MM Equity Private Placement (Aug 13)