Ashland 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. Ashland will use the net proceeds to reduce debt. Ashland and J. F. Lehman & Co. expect to produce a smooth transition with no disruption in customer service or supply. Summarizing the sale, James J. O'Brien, Ashland chairman and CEO, noted, "This transaction furthers our strategy to strengthen our core specialty chemical businesses while reducing our investment in non-core or non-strategic businesses."