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.