Leading marine solutions services specialist, Drew Marine has confirmed the completion of its acquisition of Chemring Marine for £32m. Chemring Marine is the world’s leading supplier of marine distress signals and has manufacturing sites in Bremerhaven, Germany and Pamplona, Spain.
The business will continue to be headquartered in Hampshire, UK, and will also have offices in Melbourne, Australia.
Drew Marine’s intention to buy Chemring Marine was announced on 6th June 2012, subject to obtaining regulatory approvals, and the £32million transaction was completed on 31st July.
Justine Heeley, managing director of Chemring Marine said, “Chemring Marine is a specialist in the manufacture and worldwide distribution of marine distress signals in the commercial and leisure market sectors. 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’.
“Drew Marine is the global leading provider of technical solutions and services to the marine industry. The acquisition fits in perfectly with Drew Marine’s portfolio of products.”
Len Gelosa, president and CEO of Drew Marine, commented, “We are delighted to welcome Chemring Marine to the company.
“Like Drew Marine, Chemring Marine is known for supplying the highest quality and the best performing products to the markets we serve. The addition of these world leading brands is in keeping with Drew Marine’s philosophy of bringing the best of the market to our customers.
“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.”
With the sale competed on 31st July, Chemring Marine will be renamed Drew Marine Signal and Safety.
Drew Marine has been established for more than 80 years. Its global headquarters is in Whippany, New Jersey, USA, and it has 28 offices around the world.