Covington-based Ashland Inc. announced Monday that it plans to sell its global marine-services business for $120 million.
The division, known as Drew Marine, is being sold to private equity firm J.F. Lehman & Co., with the proceeds going to reduce Ashland's debt.
"For Ashland, this reflects our strategy to strengthen our core specialty chemical businesses while reducing our investment in non-core or non-strategic businesses," Ashland Chairman and chief executive James J. O'Brien said in a statement.
The Drew Marine business generates about $140 million in revenue annually and has 325 employees, Ashland said. It provides products and services, including chemicals and testing equipment, to the global marine industry.
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The deal is expected to close within 60 days.