MOLCT Completes Acquisition of Fairfield Chemical Carriers

MOL Chemical Tankers Pte. Ltd.(MOLCT) and Fairfield-Maxwell announced that they have received all necessary regulatory approvals and that MOLCT has completed the acquisition of all shares of Fairfield Chemical carriers. The effective date is March 1 and the all-cash deal is worth approximately $400 million.

"Now, MOL Chemical Tankers and Fairfield Chemical Carriers are one company," said MOLCT CEO Akira Sasa. "This is the beginning of a new era for our great company. Our goal is to be the best operator in every aspect. By merging the two companies, MOL Chemical Tankers will now offer customers a broader and stronger fleet and service network."

Fairfield Chemical Carriers' fleet consists of 36 chemical tankers. The fleet will therefore complement MOLCT's fleet of 81 chemical tankers.

Sasa further stated that, MOLCT intends to operate Fairfield Chemical Carriers as a wholly owned subsidiary as they learn more about the company, its employees and how it operates. "Fairfield Chemical Carriers and MOL Chemical Tankers remain committed to ensuring there is no disruption to the excellent service that customers have become accustomed to," he added.

Anthony Dowd, CEO of Fairfield-Maxwell Ltd, said: "This transaction gives the Fairfield Chemical Carriers business access to the resources it needs for continued success and growth. We wish our colleagues and the MOL Chemical Tankers team great success in the future".