US Ashland to sell global marine services business

23 June 2009 02:42  [Source: ICIS news]

HOUSTON (ICIS news)--Ashland has agreed to sell its global marine services business for $120m (€86m) to J.F. Lehman & Co,  the US specialty chemicals producer said late on Monday.

The marine services business was known for many years as Drew Marine, Ashland said. The business has revenues of about $140m/year and about 325 employees, with 28 offices and 98 stocking locations in 47 countries.

Ashland said it would use the after-tax sales proceeds to reduce debt.

The marine services business provides chemicals and testing equipment; water treatment, tank cleaners and corrosion inhibitors; sealing and welding products; refrigerants and refrigeration services; engineered systems and products; fuel management programmes; and fire safety and rescue products and services.

The transaction was expected to close within 60 days, Ashland said.

"For Ashland, this reflects our strategy to strengthen our core specialty chemical businesses while reducing our investment in non-core or non-strategic businesses,” said Ashland chairman and chief executive James O'Brien.

($1 = €0.72)

To discuss issues facing the chemical industry go to ICIS connect

By: Brian Ford
+1 713 525 2653

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly