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April 18, 2008

Flotation Technologies acquired

A Biddeford company that makes heavy duty flotation systems for companies including Shell and Exxon Mobil is being bought for more than $23 million.
Houston-based Deep Down Inc. agreed to buy Flotation Technologies for $23.3 million, and noted in a press release that the Maine company's expertise in making products for the offshore oil industry was attractive. The company said capital expenditures in the offshore energy industry are "expected to experience significant growth for the next several years."
Flotation Technologies has grown quickly, doubling its revenue from 2006 to 2007. During the 12 months through March, the company booked roughly $17.3 million in revenue.

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