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): August 29, 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 August 29, 2003, Ashland Inc. ("Ashland") announced that it has
completed the sale of its Electronic Chemicals business group to Air
Products and Chemicals, Inc. in a cash transaction valued at approximately
$300 million. The transaction is expected to produce net cash flow of
roughly $260 million and an after-tax gain in the neighborhood of $80
million.
The transaction is discussed in more detail in the press release
attached hereto as Exhibit 99.1, which is incorporated herein by reference
in its entirety.
Item 7. Financial Statements and Exhibits
- ------ ---------------------------------
(c) Exhibits
99.1 Press Release dated August 29, 2003
-2-
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: August 29, 2003 /s/ J. Marvin Quin
-----------------------------------
Name: J. Marvin Quin
Title: Senior Vice President and
Chief Financial Officer
-3-
EXHIBIT INDEX
99.1 Press Release dated August 29, 2003
-4-
Exhibit 99.1
FOR FURTHER INFORMATION:
Media Relations Investor Relations
Margaret Thomson Bill Henderson
859-815-3039 859-815-4494
mrthomson@ashland.com wehenderson@ashland.com
FOR IMMEDIATE RELEASE
AUGUST 29, 2003
ASHLAND COMPLETES SALE OF
ELECTRONIC CHEMICALS BUSINESS GROUP
Covington, Ky. - Ashland Inc. (NYSE:ASH) said today it has completed the
sale of its Electronic Chemicals business group (ECD) to Air Products
(NYSE:APD) in a cash transaction valued at approximately $300 million.
The transaction is expected to produce net cash flow of roughly $260
million and an after-tax gain in the neighborhood of $80 million. The gain
will be recorded in Ashland's fiscal fourth quarter, which ends September
30.
"The sale is a reflection of our strategic repositioning," said
Chairman and Chief Executive Officer James J. O'Brien. "In our ongoing
review of assets, we concluded that we could not continue to compete
effectively in electronic chemicals without making a major new investment.
Yet electronic chemicals was not one of our core businesses. The best
decision for our shareholders and for ECD was to sell this business group
and put the assets to work elsewhere. In this case, we will use the
proceeds to strengthen the balance sheet in pursuit of our goal to reduce
debt to 35 percent of total capital."
Ashland Inc. is a Fortune 500 company providing products, services,
and customer solutions throughout the world. Our businesses include road
construction, specialty chemicals, lubricants, car-care products, chemical
and plastics distribution and transportation fuels. Through the dedication
of our employees, we are "The Who In How Things Work(TM)." Find us at
www.ashland.com.
- 0 -