BIDDEFORD, Maine (June 10, 2008) -– Deep Down Inc. has acquired Flotation Technologies Inc., a maker of deepwater buoyancy systems from syntactic foam and polyurethane elastomers.
Flotation Technologies will continue to be based in Biddeford, where it operates its manufacturing facility, according to Deep Down, which is headquartered in Houston. The terms of the deal weren't disclosed.
Tim Cook, previously president and CEO of Flotation Technologies, will leave the company and be succeeded by David A. Capotosto, its current executive vice president.
Deep Down said the purchase will allow Flotation Technologies to better serve its customers, increase its market share and broaden its customer base.