Chemical Marketing bought by Danbury firm
A fast-growing company in New Milford has joined forces with another firm striving to dive into the rapid small chemical order filling and shipping market.
Chemical Marketing Concepts, based on Pickett District Road, has been purchased by Danbury-based Odyssey Logistics & Technology Corporation.
The transaction, announced Tuesday, expands Odyssey Logistics & Technology into the rapid small chemical order filling and shipping market and positions both companies for expansion into an Asian market.
CMC now handles chemical sample storage, filling and shipping within the United States and Europe for 65 major national manufacturers, including Procter & Gamble.
Odyssey Logistics & Technology serves a European, African and Middle Eastern market of chemical and process manufacturing industries with transportation management systems for their products.
"We've bought the worldwide business of CMC, concluding long-term leases on all sites so customers and employees of CMC can feel comfortable the company will remain in the market," said Bob Shellman, OL & T president and chief executive officer.
Mr. Shellman said, as with the other eight acquisitions his company has made since starting business seven years ago, OL & T earlier approached CMC about the prospect of becoming its wholly owned subsidiary.
The New Milford-based company was not up for sale at the time.
"Our main concern was about our employees: how they would fit in the deal," said David Begin, CMC president and CEO. "We were delighted to hear that all personnel at CMC would be kept on board."
Mr. Begin and his partner, Deborah Pritchard, will stay on as well, running CMC, which will retain its name.
Mr. Begin and Ms. Pritchard have grown CMC from a 1,200-square-foot industrial garage location 25 years ago to its present, state-of-the-art chemical warehouse and packaging facilities covering more than 100,000-square-feet on Pickett District Road, as well as facilities in Colorado and The Netherlands.
The partners say they have a familial relationship with their 100 employees, 62 of whom are at their New Milford facility.
City of Danbury Chief of Staff Wayne Shepperd was on hand for the announcement Tuesday, as was New Milford Economic Development Supervisor Vin Nolan. Both serve on a regional economic development board.
The CMC acquisition was seen as a boon for both municipalities, they said.
"We're approaching economic development from a regional perspective at the mayor's (Mark Boughton) encouragement," Mr. Shepperd said. "Vin and I are fostering a lot of cohesiveness in economic growth with Danbury and New Milford interacting more now."
"This acquisition cements Odyssey Logistics & Technology's presence in Danbury," he concluded.
"I'm gratified to hear they will maintain the staff and employees here in New Milford," Mr. Nolan said, "while generating the kind of success from our town that grows globally."
Mr. Shepperd said it is "unusual" to see growth as rapid as that of Odyssey Logistics & Technology.
CMC is its third acquisition in less than a year. OL & T has experienced double-digit growth for the past five years. Starting with 12 employees, it now employs more than 130 in Connecticut and 660 worldwide.