SECURITIES AND EXCHANGE COMMISSION

                             Washington, D. C. 20549


                                    FORM 8-K

                                 CURRENT REPORT


                       Pursuant to Section 13 or 15(d) of
                       the Securities Exchange Act of 1934


         Date of report (Date of earliest event reported): July 18, 2003


                                  ASHLAND INC.
             (Exact name of registrant as specified in its charter)


                                    Kentucky
                 (State or other jurisdiction of incorporation)

                        1-2918                             61-0122250
               (Commission File Number)                (I.R.S. Employer
                                                       Identification No.)


   50 E. RiverCenter Boulevard, Covington, Kentucky       41012-0391
           (Address of principal executive offices)       (Zip Code)


           P.O. Box 391, Covington, Kentucky              41012-0391
                   (Mailing Address)                      (Zip Code)


        Registrant's telephone number, including area code (859) 815-3333







Item 5.  Other Events
- ------   ------------

     On July 16, 2003, Honeywell International Inc., a Delaware corporation
("Honeywell"),  and GEM Microelectronic  Materials L.L.C.  ("GEM"), a joint
venture  between  Honeywell and Texas  Ultrapure  Inc.,  filed suit against
Ashland  Inc.  ("Ashland")  and Air  Products  and  Chemicals,  Inc.  ("Air
Products") in the Delaware  Chancery Court in New Castle  County,  Delaware
based upon an alleged breach of a strategic  alliance agreement between GEM
and Air Products.  The lawsuit seeks,  among other remedies,  a preliminary
and  permanent  injunction  preventing  the  consummation  of Air Products'
proposed  purchase  of the net  assets of  Ashland's  Electronic  Chemicals
business and certain related  subsidiaries,  which was previously disclosed
in Ashland's Form 8-K filed June 30, 2003.  Ashland is currently  reviewing
the Complaint.



                                 SIGNATURES
                                 ----------

     Pursuant to the  requirements of the Securities  Exchange Act of 1934,
the  registrant  has duly  caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.

                                              ASHLAND INC.
                                    ---------------------------------------
                                              (Registrant)



    Date:  July 18, 2003                      /s/ David L. Hausrath
                                    ---------------------------------------
                                    Name:     David L. Hausrath
                                    Title:    Vice President and
                                              General Counsel


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