Ashland has completed the sale of its global marine services business, Drew Marine, to JF Lehman & Co. for approximately $120m before tax. Ashland will use the net proceeds to reduce debt.
James O’Brien, chairman and chief executive officer of Ashland, said: “This transaction furthers our strategy to strengthen our core specialty chemical businesses while reducing our investment in non-core or non-strategic businesses.”
John Lehman, chairman of JF Lehman & Co., said: “We are extremely excited to now own the Drew Marine business and we welcome their employees to the J.F. Lehman & Co. family.”
Ashland provides specialty chemical products, services and solutions for many of the world’s most essential needs and industries. It operates through five commercial units: Ashland Aqualon Functional Ingredients, Ashland Hercules Water Technologies, Ashland Performance Materials, Ashland Consumer Markets (Valvoline) and Ashland Distribution.