Ashland to sell marine services unit
Ashland Inc. said it has agreed to sell its global marine services business, known for many years as Drew Marine, to J. F. Lehman & Co. in a transaction valued at about $120 million before tax.
Drew is a leading supplier of specialty chemicals and services to the maritime industry, and has revenues of about $140 million a year, with about 325 employees, 28 offices and 98 stocking locations in 47 countries. It provides products and services include 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 programs; and fire safety and rescue products and services.
Ashland to sell marine services unit
