Singapore-based MOL Chemical Tankers, a member of Mitsui O.S.K. Lines Group, is acquiring Fairfield Chemical Carriers, a subsidiary of Fairfield-Maxwell.
MOL unit will obtain 100% of the shares in Fairfield for about US$400 million, subject to change depending on the price adjustment under the share purchase agreement.
Fairfield Chemical Carriers runs a chemical tanker shipping business that owns and operates a fleet of 36 chemical tankers worldwide.
The acquisition has been approved by both companies’ boards of directors, subject to the usual terms and conditions as set forth in the share purchase agreement.
MOL, a large shipowner with a fleet of 85 chemical tankers, which in 2019 acquired and integrated Nordic Tankers and established a capital alliance with Dutch tank container company Den Hartogh, said today that with the combination of the two companies MOL Chemical Tankers would have a broader, stronger fleet and service network for customers.
The company sees the chemical tanker business as a sector with strong growth prospects and this decision to enter into the agreement is based on not only the value of Fairfield´s attractive fleet, but also on its solid business reputation, respected brand and the people who have created it, as Akira Sasa, MOL Chemical Tankers’ chief executive said.
Subsidiary MOL Chemical Tankers already has a strong fleet of 85 chemical tankers, and with Fairfield Chemical Carriers’ fleet of 36 chemical tankers the fleet would dovetail.
The acquisition includes Fairfield Chemical Carriers’ subsidiaries: Fairfield Japan Ltd, Fairfield Chemical Carriers BV in the Netherlands, Fairfield Chemical Carriers South Africa, and Fairfield Chemical Carriers Pte. Ltd. in Singapore.
The deal is expected to close in the fourth quarter, subject to customary regulatory approvals.
“The businesses of MOL Chemical Tankers and Fairfield Chemical Carriers are very complementary,” said Akira Sasa, adding that this acquisition would bring even greater value to all of its stakeholders.
Anthony Dowd, chief executive of Fairfield-Maxwell said “Fairfield Chemical Carriers has been successful as an all-stainless steel, chemical tanker company in the industry in terms of service, quality and people. Merging with MOL Chemical Tankers would give this business the resources to continue to succeed and grow.”