Ashland Sells Drew Marine

2 September 2009 (Last Updated September 2nd, 2009 18:30)

Global chemical company Ashland has sold its marine services business Drew Marine to private equity investment firm JF Lehman & Company for approximately $120m before tax. The company will use the net proceeds to reduce its debt, Ashland said. The Drew Marine business ha

Global chemical company Ashland has sold its marine services business Drew Marine to private equity investment firm JF Lehman & Company for approximately $120m before tax.

The company will use the net proceeds to reduce its debt, Ashland said.

The Drew Marine business has 98 stocking locations across 47 countries with revenues of approximately $140m a year, marinelink.com reports.

The marine service is a provider of technical solutions and high-value products.