MOL Chemical Tankers has secured a deal to acquire 100% of the capital of its US rival Fairfield Chemical Carriers (FCC), a subsidiary of Fairfield-Maxwell Ltd.
The $400 million acquisition has been approved by the boards of directors of both companies and, according to a company statement, is expected to be finalized in the fourth quarter pending regulatory approvals.
MOL said today that it sees the chemical tanker business as an area with strong growth prospects. The MOL subsidiary MOL Chemical Tankers already has a fleet of 85 vessels, which will now increase to 120 once the transaction to purchase FCC is completed.
Fairfield Chemical Carriers was founded in 1996. The average age of its vessels is currently only 4.69 years old.
Translation by Giles Foster