COVINGTON, Ky. — Ashland Inc. will sell its merchant marine services division for about $120 million to lower debt and concentrate on its core chemical businesses, according to a report from the Associated Press.
J.F. Lehman & Co. has agreed to purchase the unit formerly known as Drew Marine.
The merchant marine services unit has about 325 employees and annual revenue of $140 million, Ashland said. The deal is set to close within 60 days.
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