Britain-based Chemring Marine was acquired by Drew Marine, headquartered in Whippany, N.J., for approximately $49.75 million.
Chemring Marine is a manufacturer and distributor of marine distress signals (Comet, Pains Wessex and Aurora) and has manufacturing sites in Bremerhaven, Germany, and Pamplona, Spain. The business will continue to be headquartered in Hampshire, England, and will also have offices in Melbourne, Australia, according to Drew Marine.
“Chemring Marine is a specialist in the manufacture and worldwide distribution of marine distress signals in the commercial and leisure market sectors,” Chemring managing director Justine Heeley said in a statement. “The acquisition by Drew Marine will help the business to focus on enhancing its support to its global maritime safety network and gives the company a marine home.”
The acquisition fits perfectly with Drew Marine’s portfolio of products, Heeley said.
“The move will also add a new distribution model to Drew Marine’s capabilities, which should allow us to broaden our customer base and explore products suited to the company’s global distributor network,” Drew Marine president and CEO Len Gelosa said in a statement.
Chemring will be renamed Drew Marine Signal and Safety. All Chemring Marine staff at all sites will remain with the company.
Drew Marine specializes in fire, safety and rescue, cleaning and coatings, fuel management, welding and refrigeration, sealing products and water treatment sectors. It has 28 offices around the world.