IMP Group International Inc. is stepping away from the marine products and service company that entrepreneur Ken Rowe launched his business empire with about 40 years ago.
Hercules SLR Inc., a privately held firm located in Dartmouth’s Burnside Park, confirmed Friday that it has purchased all the assets of IMP Marine Division.
“We look forward to leveraging the strengths of both companies in order to grow,” said Hercules president Chris Giannou.
Hercules is a marine engineering and services business that operates throughout Atlantic Canada. The company also operates in Quebec, Ontario and Western Canada.
Details of the transaction, which closed on March 31, were not released.
IMP Group indicated only that the transaction had occurred.
As part of the purchase deal, Giannou said Hercules agreed to offer employment to all active employees of IMP Marine. He said all IMP Marine Division employees accepted the job offer. It was unclear exactly how many employees were involved.
“We plan to continue to operate all 10 (IMP Marine) locations,” said Giannou.
Hercules SLR was formerly known as Bridgeport Wire Rope & Chain. Hercules SLR has 11 shops throughout 6 provinces. With over 200 employees, Hercules SLR specializes in marine equipment and apparatus for securing, lifting and rigging.
IMP Group International Inc. employs about 3,500 people in a variety of sectors including aerospace, aviation, airline, healthcare, information technology, hospitality and property development.
Rowe is listed as the company’s executive chairman while Stephen Plummer is listed as president and chief executive officer.
