Marine transaction

Specialty chemicals giant Ashland has signed an agreement to sell its global marine services business, Drew Marine, to private equity firm JF Lehman in a transaction valued around $120m (£74m).

Based in Boonton, New Jersey, with regional offices in other locations such as Singapore and Rotterdam, Drew Marine has approximately 325 employees and 98 stocking locations in 48 countries, and yearly revenues of approximately $140m.

The business provides products and services to the global marine industry, including 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 is expected to close within 60 days, conditional upon a number of standard closing conditions.

Both Ashland and JF Lehman expect a seamless transition with no disruption in customer service or supply.