September 1, 2009 (FinancialWire) — Ashland Inc. (NYSE: ASH) has completed the sale of its global marine services business, known for many years as Drew Marine, to J.F. Lehman & Co. for approximately $120 million before tax.

Drew Marine has revenues of around $140 million a year, according to Ashland. The business has around 325 employees, 28 offices and 98 stocking locations in 47 countries.

Ashland said it will use the net proceeds from the sale to reduce debt.

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

Covington, Kentucky-based Ashland provides specialty chemical products, services and solutions.

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