Ashland Inc. (NYSE:ASH) completed the sale of its global marine services business, known for many years as Drew Marine, to J. F. Lehman & Co. for approximately $120m before tax. Ashland will use the net proceeds to reduce debt.
With revenues of approximately $140m a year, the Drew Marine business has approximately 325 employees, 28 offices and 98 stocking locations in 47 countries. The business is a recognized global leader in providing technical solutions, high-value products and services to the global marine industry. Ashland and J.F. Lehman & Co. expect to produce a smooth transition with no disruption in customer service or supply.
Summarizing the sale, James J. O’Brien, Ashland chairman and chief executive officer, noted, “This transaction furthers our strategy to strengthen our core specialty chemical businesses while reducing our investment in non-core or non-strategic businesses.”
“We are extremely excited to now own the Drew Marine business and we welcome their employees to the J.F. Lehman & Co. family,” said John F. Lehman, chairman, J.F. Lehman & Co. Partner Louis N. Mintz, added, “Along with Drew Marine’s management and employees, we look forward to continuing to build upon a long history of technical excellence and dedication to customer service.”