Indy chemical firm acquired
Specialty chemical maker Galaxy Associates of Cincinnati has acquired Challenge Inc. of Indianapolis for an undisclosed sum.
Challenge is Galaxy’s fifth acquisition since 2003. The company bought another Indianapolis firm, Rieskamp Equipment Co., in March 2008.
Chemist David Crosley founded Challenge in 1972 to serve the metal-finishing industry with environmentally friendly alternatives. Crosley will join Galaxy as a vice president.
Galaxy will also keep Challenge’s multistage product-testing and development facility on Georgetown Road. Data entry and customer-service work will move to Cincinnati.
The acquisition was effective April 10. The combined companies will employ 120 people. Galaxy would not disclose its revenue or the number of Challenge employees it plans to retain.