Drew International, the parent company of Drew Marine, has agreed a deal to acquire Athens-based marine chemical company, CHEMO Hellas.
Established in 1980, CHEMO’s product range includes tank cleaning formulations, water treatment systems and fud additives. The CHEMO brand will be continued under Drew’s ownership.
Drew’s CEO, Frank Monteiro, commented on the acquisition: ‘We have been focusing our efforts around expanding the chemical formulations and value-added technical support within our marine business.
‘Stavros Karapanagiotou was well known in the industry and the legacy that he left behind with his company CHEMO is a true success story. We know CHEMO will be a great fit within the Drew Innovation & Service platforms.
Financial terms of the transaction will not be released, said a statement from Drew.