HOUSTON, Oct. 29, 2021 /PRNewswire/ -- Flotek
Industries, Inc. (NYSE: FTK) today announced that it had entered
into a settlement agreement to resolve its previously-disclosed
litigation with Archer-Daniels-Midland and other related
parties. Under the terms of the confidential settlement
agreement, the pending suits between the parties in Texas and in Delaware will be dismissed.
John W. Gibson, Jr., Chairman,
Chief Executive Officer and President of Flotek, stated, "We are
pleased to have reached a mutually agreeable settlement with
Archer-Daniels-Midland regarding termination of the terpene supply
agreement to resolve this legacy matter. We look forward to
continuing to create solutions that reduce the impact of energy on
air, water, land and people and to be the collaborative ESG partner
of choice for sustainable chemistry technology and digital
analytics solutions."
About Flotek Industries, Inc.
Flotek Industries, Inc. creates solutions to reduce the
environmental impact of energy on air, water, land and people. A
technology-driven, specialty green chemistry and data company,
Flotek helps customers across industrial, commercial, and consumer
markets improve their Environmental, Social, and Governance
performance. Flotek's Chemistry Technologies segment develops,
manufactures, packages, distributes, delivers, and markets
high-quality cleaning, disinfecting and sanitizing products for
commercial, governmental and personal consumer use. Additionally,
Flotek empowers the energy industry to maximize the value of their
hydrocarbon streams and improve return on invested capital through
its green chemistry technologies and JP3's real-time data
platforms. Flotek serves downstream, midstream, and upstream
customers, both domestic and international. Flotek is a publicly
traded company headquartered in Houston,
Texas, and its common shares are traded on the New York
Stock Exchange under the ticker symbol "FTK." For additional
information, please visit www.flotekind.com.
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SOURCE Flotek Industries, Inc.