Houston-based oilfield-technology developer Flotek Industries Inc. has closed its acquisition of International Polymerics Inc. and affiliates. Flotek paid approximately $7.9 million and issued some 248,000 shares of common stock as consideration for the acquisition.
Founded in 2004, Dalton, Ga.-based IPI is one of the largest domestic suppliers of natural polymers, including guar (used in hydraulic fracturing), to the oil and gas industry.
Donald Bramblett will remain the president of IPI and will report to Flotek Executive Vice President Josh Snively, who oversees the company’s chemistry manufacturing efforts.
Flotek is a global developer and distributor of a portfolio of oilfield technologies, including specialty chemicals and down-hole drilling and production equipment.