Flotek Industries, Inc. (NYSE:FTK) Files An 8-K Entry into a Material Definitive Agreement
Item1.01
| Entry into a Material Definitive Agreement. |
On May2, 2017, Flotek Industries, Inc. (the Company) and certain
of its affiliates entered into an Asset Purchase Agreement (the
Purchase Agreement) with National Oilwell Varco, L.P. and certain
of its affiliates (collectively, NOV) to sell substantially all
of the assets and transfer certain specified liabilities and
obligations of the Companys Drilling Technologies segment to NOV.
to the Purchase Agreement, NOV will pay $17.0million in cash
consideration (subject to normal working capital adjustments),
with $1.5million held back by NOV for up to 18 months to satisfy
potential indemnification claims. The Purchase Agreement contains
customary covenants, representations and warranties and
indemnification of the parties. Closing is expected to occur in
May 2017.
| Item7.01 | Regulation FD Disclosure. |
On May2, 2017, the Company issued a press release to announce its
entry into the Purchase Agreement. A copy of the press release is
furnished herewith as Exhibit 99.1 to this Current Report on Form
8-K and is incorporated herein by reference.
The information furnished to Item 7.01 of this Current Report on
Form 8-K and in Exhibit 99.1 shall not be deemed to be filed for
purposes of Section18 of the Securities Exchange Act of 1934, as
amended, is not subject to the liabilities of that section and is
not deemed incorporated by reference in any filing of the
Companys under the Securities Exchange Act of 1933, as amended,
except as otherwise expressly stated in such filing.
| Item9.01. | Financial Statements and Exhibits. |
| (d) | Exhibits. |
|
Exhibit Number |
Description |
|
| 99.1 | Press release dated May2, 2017. |
About Flotek Industries, Inc. (NYSE:FTK)
Flotek Industries, Inc. is a technology-driven company that develops and supplies oilfield products, services and equipment to the oil, gas and mining industries. The Company has four business segments: Energy Chemistry Technologies, Consumer and Industrial Chemical Technologies, Drilling Technologies, and Production Technologies. The Energy Chemistry Technologies segment designs, develops, manufactures, packages and markets chemicals for use in oil and gas well drilling, cementing, completion, stimulation and production activities. The Consumer and Industrial Chemicals Technologies segment sources citrus oil domestically and internationally, and is a processor of citrus oils. The Drilling Technologies segment is a provider of downhole drilling tools for use in oilfield, mining, water-well and industrial drilling activities. The Production Technologies segment provides pumping system components, electric submersible pumps, gas separators, production valves and complementary services. Flotek Industries, Inc. (NYSE:FTK) Recent Trading Information
Flotek Industries, Inc. (NYSE:FTK) closed its last trading session up +0.08 at 12.25 with 891,863 shares trading hands.