$400 million acquisition, second largest chemical company
On March 4, MOL Chemical Tankers Pte. Ltd. (hereinafter referred to as MOLCT) announced, Has completed the acquisition of Fairfield Chemical Carriers (hereinafter referred to as Fairfield).
MOLCT is a wholly owned subsidiary of Japanese shipping group Merchant Marine Mitsui (MOL), while Fairfield is Fairfield-Maxwell Ltd. Headquartered in Wilton, Connecticut, USA, the company has four international sales offices in Durban, South Africa, Rotterdam, the Netherlands, Singapore and Tokyo, Japan, with a total of 65 employees. The company's main chemical shipping business, owned and operated by the chemical fleet of 36 ships, all stainless steel chemical vessels.
In September last year, MOLCT issued a notice announcing its acquisition of Fairfield, under which MOL would acquire 100% of Fairfield's shares in a cash transaction, subject to price adjustments under the share purchase agreement, at a transaction price of approximately $400 million.
The acquisition includes Fairfield Japan Ltd, a subsidiary of Fairfield Chemical Carriers; Fairfield Chemical Carriers BV, Netherlands; Fairfield Chemical Carriers South Africa and Singapore's Fairfield Chemical Carriers Pte Ltd.
According to the original plan, MOLCT should complete the acquisition by the end of 2023, which is now two months late.
With the addition of Fairfied Chemical Carriers' 36 vessels, MOLCT now has a fleet of 117 chemical tankers. According to MOLCT, this will be the largest fleet of stainless steel chemical tankers in the world.
At the same time, the completion of the acquisition also means that MOLCT becomes the world's second largest chemical shipping company after Stolt-Nielsen. According to Stolt Tankers' official data, the company currently has 166 chemical tankers.
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