MITSUI O.S.K. Lines’ subsidiary MOL Chemical Tankers acquired Fairfield Chemical Carriers from New York-headquartered Fairfield-Maxwell for US$400 million.
The acquisition was approved by the boards of directors of both companies and MOL, subject to the usual terms and conditions as set forth in the share purchase agreement.
The acquisition includes Fairfield Chemical Carriers’ subsidiaries: Fairfield Japan, Fairfield Chemical Carriers in the Netherlands, Fairfield Chemical Carriers South Africa and Fairfield Chemical Carriers in Singapore.
Fairfield Chemical Carriers’ fleet consists of 36 chemical tankers. As such, the fleet would dovetail with MOL Chemical Tankers’ fleet of 85 chemical tankers. By combining the companies, MOLCT would have a broader, stronger fleet and service network for customers.
MOLCT CEO Akira Sasa said the businesses of MOL Chemical Tankers and Fairfield Chemical Carriers are complementary
“It is a great pleasure to be welcoming Fairfield Chemical Carriers to the MOL Chemical Tankers Group,” he said.
“Our decision to enter into this agreement is based on not only the value of their attractive fleet, but also on their solid business reputation, respected brand and the people who have created it.”
Fairfield-Maxwell CEO Anthony Dowd said the company had 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,” he said.
Mr Dowd said both companies are committed to ensuring that customers would not experience any disruptions to the superior service to which they’ve become accustomed.