Naugatuck, Conn., headquartered Drew International, parent company of Drew Marine, has reached an agreement to acquire all outstanding, ordinary, registered shares of CHEMO Hellas, SA, a niche marine chemical provider headquartered in Skaramagas, Athens, Greece.
The transaction will bring CHEMO’s products, notable its highly regarded tank cleaning chemistry and related equipment, into Drew’s existing product lines. The CHEMO brand will continue under Drew’s stewardship.
CHEMO was founded in 1980 and has developed a reputation for innovative cleaning formulations, water treatment systems, and fuel additives.
“Our family at CHEMO is thrilled to become part of Drew Marine, as we join the strong tradition Drew brings to the maritime world,” said Eva Karapanagiotou, CEO of CHEMO. “Our family at CHEMO is thrilled to become part of Drew Marine, as we join the strong tradition Drew brings to the maritime world. Our companies fit together nicely and will provide a platform to deliver our industry-leading products to a worldwide stage. My father would be pleased to see his legacy reaching this apex, reaching business partners on a fully global scale.”
Frank Monteiro, CEO of Drew, commented: “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.”