Chemring Marine the maker of Pains Wessex and Comet distress signals has new owners.
It seems that the maker of marine distress rockets found the products were not core to a company specialist in defence. So it sent a signal of its own and fortunately for seafarers around the world, someone was keeping a good lookout.
Drew Marine a marine solutions services specialist has agreed to acquire Chemring Marine, the world’s leading marine distress signal company for a cash consideration of £32 million.
The business will be renamed Drew Marine Signal and Safety and its corporate headquarters will remain in Havant, Hampshire, UK. The company envisages no change to its activities and customer support.
Len Gelosa, President and CEO of Drew Marine, said in a statement, "The acquisition of Chemring Marine is a perfect fit with our strategy to provide essential products for safety, reliability and compliance to the global maritime industry.”
Drew Marine, was its self acquired in 2009 by J.F. Lehman & Company an American middle-market private equity firm focused on the defence, aerospace and maritime sectors.
Drew Marine provides technical solutions and services for the marine industry and specialises in fire, safety and rescue, cleaning and coatings, fuel management, welding and refrigeration, sealing products and water treatment sectors. The transaction is conditional upon regulatory approvals, but is expected to be completed by the end of July.
Pains Wessex and Comet products have been helping to save lives for more than 100 years and are specified by the world’s navies, merchant fleets, fishing vessels, rescue services, airlines and leisure craft.
Chemring Marine is the world’s leading supplier of SOLAS, MED & USCG-approved marine distress signals to commercial and leisure marine markets.
The company is at the forefront of campaigning for improved global marine safety regulations, including introducing standardised rules on replacing dated safety products.