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.
The deal is expected to close within 60 days.