Chambersburg company bought by Atlanta firmAFCO purchase by Zep Inc. expected to be complete this month
A Franklin County food and beverage company said it has reached an agreement to be bought by an Atlanta producer of specialty chemical products.
AFCO, a Chambersburg-based specialty chemical and food safety provider serving the food and beverage processing industry, could complete its purchase by Zep Inc. this month, according to a news release.
The Zep-AFCO combination would bring together complementary and organizations, and would allow both companies to expand their service and expertise, the releasesaid.
AFCO will be integrated into Zep under a new food and beverage business segment to be led by Mike Hinkle, AFCO’s current president and CEO, the release continued.
Hinkle could not immediately be reached Tuesday for comment.
Financial details of the transaction were not disclosed.
AFCO is a 28-year-old, privately held company with some 65 employees and an estimated annual revenue of nearly $22 million, according to an estimate from the online business resaerch site Manta.
Zep is a global industrial specialty-chemicals producer serving business-to-business and select consumer markets.
Its products include anti-bacterial and industrial hand-care products, sanitizers, cleaners, degreasers, deodorizers, disinfectants, pest and weed-control and other products.