US chemicals group Ashland Inc has sold its global marine technical supply and products business Drew Marine to equity firm JF Lehman for US$120m before tax in a bid to reduce its debt burden. "This transaction will be a win for all parties," said Ashland chairman James J. O'Brien. "For Ashland, this reflects our strategy to strengthen our core specialty chemical businesses while reducing our investment in non-core or non-strategic businesses. For JF Lehman & Co., the acquisition of Drew Marine represents an opportunity to acquire a leading global brand with strong market positions and prospects for growth. I believe the outlook for the marine business and its employees will be much stronger as part of an organization that is targeting growth in the maritime industry."
JF Lehman's Louis Mintz added: "As the leading supplier of specialty chemicals and services to the maritime industry, Drew Marine represents an outstanding fit with our established investment criteria. We are looking forward to teaming with Drew Marine's management and employees to continue their long history of technical excellence and dedication to customer service."
(Source: Maritime Global News)
