MOL Completes Acquisition of Fairfield Chemical Carriers

MOL Completes Acquisition of Fairfield Chemical Carriers

Singapore headquartered MOL has announced that it has completed the acquisition of Fairfield Chemical Carriers, a chemical tanker business that is also headquartered in Singapore. 

The acquisition took the form of an all-cash transaction of approximately $400 million and saw MOL acquiring all shares of Fairfield Chemical Carriers.  Prior to the deal, Fairfield Chemical Carriers had been a subsidiary of Fairfield-Maxwell Ltd, a New York-based company founded in 1957.

At the time of writing, Fairfield Chemical Carriers employs approximately 65 people and operates a fleet of 36 chemical tankers - all of which are stainless steel and capable of carrying myriad cargoes.

MOL currently employs around 360 people and operates a fleet of 81 chemical tankers.  The majority of these tankers are stainless steel and able to carry cargoes as varied as chemicals (of varying grades), vegetable oils, base oils, animal fats and other liquid commodities.

Commenting on the acquisition, Akira Sasa, MOL’s CEO said:

Today, MOL Chemical Tankers and Fairfield Chemical Carriers are one company.  This is the beginning of a new era in our great company.  Our aim is to become an excellent operator in every aspect.  By combining the companies, MOL Chemical Tankers will now have a broader, stronger fleet and service network for customers”.

In a statement released confirming the acquisition, MOL outlined plans to "operate Fairfield Chemical Carriers as a wholly-owned subsidiary as they learn more about the company, its people and how it operates".  Sasa added that, “Fairfield Chemical Carriers and MOL Chemical Tankers remain committed to ensuring that customers would not experience any disruption to the superior service to which they’ve become accustomed”.

Anthony Dowd, CEO of Fairfield’s former parent company Fairfield-Maxwell Ltd, said:

This transaction gives the Fairfield Chemical Carriers business access to the resources it requires to continue to succeed and grow.  We wish our colleagues and the MOL Chemical Tankers team great success in the future”.

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