Flotek Welcomes New Chief Administrative Officer; Expands Citrus Processing Capacity
HOUSTON, January 9, 2018 -- Flotek Industries, Inc. (NYSE: FTK), a leading developer and distributor of prescriptive chemistry-based technology, today announced the appointment of William H. York as Chief Administrative Officer.
In this role, he will oversee the human resources, information technology, safety and administrative functions of the company, reporting directly to Chief Executive Officer, President & Chairman of the Board John W. Chisholm.
“Bill brings a depth and diversity of experience to Flotek and has built a strong reputation as a highly effective leader who delivers significant value to the businesses he supports. He will draw on his deep experience from a very accomplished career in human resources, talent development, recruitment, technology and banking to benefit our company,” said Chisholm. “As I have evaluated the needs of leadership to position Flotek into the future, I am excited to have Bill join a leadership team that is both streamlined and built to maximize impact. Bill will help continue our efforts to maximize our personnel and enhance our profitability as an organization.”
Bill joins Flotek from Tudor Lewis, a leading executive talent search firm that he founded. Prior to launching the firm, Bill was with TMP/Highland Partners Executive Search working in the Technology, Financial Services and Human Resources practices. Before that, Bill was the Senior Vice President, Staffing for Bank of America, where he managed a large staffing team responsible for supporting technology, operations, finance, legal, risk, marketing and the office of the chairman. During his tenure at Bank of America, the bank successfully executed three major acquisitions and Bill’s responsibilities and role grew with each merger.
Prior to joining Bank of America, Bill spent nine years at Compaq Computer Corporation in a variety of leadership roles. He spent five years as the staffing executive for North America and later became responsible for the initial staffing efforts for the Latin America, Japan, Consumer, Government & Education, DirectPlus (Telephone), and Professional Services business units. During his time at Compaq, sales for the organization grew from $650 million to over $25 billion.
Along with these changes, Jim Kulina, Vice President of Human Resources and Business Administration, will retire from the company. Jim has served Flotek for five years and has been instrumental in the company’s growth initiatives and restructuring of its core segments.
New Distillation Unit Expands Citrus Oil Processing Capacity
Additionally, Flotek announced that its new vacuum distillation unit has been installed at its Winter Haven, FL, facility and is fully operational.
The custom 20-drum unit will enhance and expand the company’s citrus oil processing efficiency and capacity. With more than 50 theoretical plates to advance greater fractional distillation capabilities, the unit is fully integrated into the company’s autonomous distillation operations. Today, the company has a total of eight commercial distillation units dedicated to refining citrus oils and creating unique flavor and fragrance molecules.
“The installation of our new, state-of-the art distillation tower underscores our commitment to the industry and helps to solidify our position as one of the largest creators of citrus oil fractions, isolates and derivatives in the world. Further, it allows us to diversify our citrus processing capability to include lemon and lime cultivars,” said Josh Snively, Executive Vice President of Operations at Flotek and President of Florida Chemical Company. “This unit enables us to leverage our industry-leading separation capacity and efficiency to achieve economies of scale. We are excited to continue to capitalize on our strong position in the global citrus markets.”
Time-lapse footage of the distillation unit installation at Florida Chemical Company can be viewed here.
About Flotek Industries, Inc.
Flotek develops and delivers prescriptive chemistry-based technology, including specialty chemicals, to clients in the energy, consumer industrials and food & beverage industries. Flotek's inspired chemists draw from the power of bio-derived solvents to deliver solutions that enhance energy production, cleaning products, foods & beverages and fragrances. In the oil and gas sector, Flotek serves major and independent energy producers and oilfield service companies, both domestic and international. Flotek Industries, Inc. 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 Flotek's web site at www.flotekind.com.
Certain statements set forth in this Press Release constitute forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934) regarding Flotek Industries, Inc.'s business, financial condition, results of operations and prospects. Words such as expects, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements in this Press Release.
Although forward-looking statements in this Press Release reflect the good faith judgment of management, such statements can only be based on facts and factors currently known to management. Consequently, forward-looking statements are inherently subject to risks and uncertainties, and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. Factors that could cause or contribute to such differences in results and outcomes include, but are not limited to, demand for oil and natural gas drilling services in the areas and markets in which the Company operates, competition, obsolescence of products and services, the Company's ability to obtain financing to support its operations, environmental and other casualty risks, and the impact of government regulation.
Further information about the risks and uncertainties that may impact the Company are set forth in the Company's most recent filings on Form 10-K (including without limitation in the "Risk Factors" Section), and in the Company's other SEC filings and publicly available documents. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this Press Release. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this Press Release.
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