IHS Chemical Week

People & Business :: Companies

Ashland Completes Sale of Drew Marine

10:05 PM MDT | August 31, 2009 | Deepti Ramesh

Ashland says it has completed the previously announced sale of its global marine services business, Drew Marine, to private equity firm J.F. Lehman & Co. (New York) for $120 million. Ashland says the proceeds will be used to pay down debt. Drew Marine has revenues of $140 million/year and about 325 employees. The business provides technical solutions, and products and services to the global marine industry. Ashland and J.F. Lehman & Co. expect to produce a smooth transition with no disruption in customer service or...

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