Ashland Inc. completes sale of Drew Marine to J.F. Lehman & Co.

Specialty chemical products maker Ashland Inc today said that it had completed the sale of its global marine services business, Drew Marine, to J. F. Lehman & Co. for approximately $120 million before tax. Ashland will use the net proceeds to reduce debt.

With revenues of approximately $140 million a year, the Drew Marine business is a recognised global leader in providing technical solutions, high-value 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 supply.

Summarising the sale, James J. O'Brien, Ashland chairman and chief executive officer, said, ''This transaction furthers our strategy to strengthen our core specialty chemical businesses while reducing our investment in non-core or non-strategic businesses.''

''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, J.F. Lehman & Co. Partner Louis N. Mintz, added, ''Along with Drew Marine's management and employees, we look forward to continuing to build upon a long history of technical excellence and dedication to customer service.''

JF Lehman & Co. is a leading middle-market private equity firm focused exclusively on the defense, aerospace and maritime sectors. The firm has offices in New York, Washington and London.

Ashland Inc provides specialty chemical products, services and solutions for many of the world's most essential needs and industries.