Ashland Inc. completed the sale of its global marine services business, Drew Marine, to J.F. Lehman & Co. for about $120 million before tax. Ashland will use the net proceeds to reduce debt.
"This transaction furthers our strategy to strengthen our core specialty chemical businesses while reducing our investment in non-core or non-strategic businesses," said James J. O'Brien, Ashland chairman and CEO, in a statement.
Drew Marine provides technical solutions, products and services to the global marine industry. The business generates about $140 million a year in revenue and has 325 employees, 28 offices and 98 stocking locations in 47 countries.
"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 of J.F. Lehman & Co., in a statement.