Flotek Industries Inc (NYSE: FTK) is a leading player in a green specialty chemical, serving various industries. The company recently entered into an agreement with Resolute Oil to push the growth in green chemistry markets. Resolute Oil is a leading player in high-quality white mineral oil.
Drive growth in green chemistry: As per the management, collaboration with a leading player in white mineral oil will enable the company to drive Flotek Industries’ growth in the green chemistry market. As per the agreement, Resolute will use the Flotek 15-acre campus, including its chemical blending facility, to produce United States Pharmacopeia-National Formulary (USP-NF)-grade white mineral oil. Flotek facility is certified by FDA (The U.S Food and Drug Administration) and EPA (Environmental Protection Agency). The product will be distributed globally to customers in agriculture, food & beverage, energy, personal care, and cosmetic markets.
Flotek has positioned itself as one of the best innovative producers in the sustainable chemical industry. Flotek uses its manufacturing facility and expertise in blending various products at the behest of its suppliers in contracted capacity. As per the industry, the collaboration is expected to benefit both companies. Both the companies will leverage each other’s expertise and get easy access to their market for mutual benefits.
Welcoming Lisa Mayr: The company appointed Lisa Mayr to its Board of Directors, resulting in an increase in the total number of directors to seven from six. As per the company announcement, Mayr is appointed as a member of the audit committee and designated as “audit committee financial expert.” In addition, she will also act as a member of the nominating committee and corporate governance.
Lisa Mayr has over 25 years of experience working in the financial and accounting fields. Before joining Flotek Industries, She worked as a CFO (Chief Financial Officer) of multiple software and technology companies. The company is expected to leverage Lisa Mayr’s experience in finance. Lisa Mayr will be guide the company across the different finance verticals such as fundraising and meeting working capital requirements, to name a few.