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Monday, 26 August 2019
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Markets & companies

Ashland agrees to divest its marine services business

Wednesday, 24 June 2009

Ashland will sell its marine service business to J. F. Lehman & Co.

Ashland Inc. signed a definitive agreement to sell its global marine services business, known for many years as Drew Marine, to J. F. Lehman & Co. in a transaction valued at approximately USD 120 million. With revenues of approximately USD 140 million a year, the business has approximately 325 employees, 28 offices and 98 stocking locations in 47 countries. The business provides technical solutions, products (e.g. paint and coatings additives) and services to the global marine industry. The transaction is expected to close within 60 days, conditioned upon a number of standard closing conditions.

Both Ashland and J.F. Lehman & Co. expect a seamless transition with no disruption in customer service or supply. Source: TommyS / Pixelio

Both Ashland and J.F. Lehman & Co. expect a seamless transition with no disruption in customer service or supply. Source: TommyS / Pixelio

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