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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: May 10, 1995
Date of earliest event reported: May 10, 1995
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.)
1000 Ashland Drive, Russell, Kentucky 41169
(Address of principal executive offices) (Zip Code)
P.O. Box 391, Ashland, Kentucky 41114
(Mailing Address) (Zip Code)
Registrant's telephone number, including area code (606) 329-3333
Total of 5 Pages
Item 5. Other Events
On May 10, 1995, the Registrant issued a press release announcing that
Ashland Petroleum Company, its largest division, has announced a management
reorganization and has instituted an enhanced early retirement program with a
goal of eliminating 250 positions. If the goal is not achieved through the
early retirement program, an involuntary workforce reduction will be
necessary. The Registrant expects to record a one-time, pre-tax charge of
approximately $25 million during fiscal year 1995 as a result of the program.
The foregoing summary of the attached press release is qualified in its
entirety by the complete text of such document, a copy of which is attached
hereto.
Item 7. Financial Statements and Exhibits
(c) Exhibits
(99) Press Release
-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: May 10, 1995 /s/ Thomas L. Feazell
------------------------------------
Name: Thomas L. Feazell
Title: Senior Vice President,
General Counsel and Secretary
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Exhibit Index
Exhibit No. Page No.
99 Press Release of the Registrant dated 5
May 10, 1995
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EXHIBIT 99
[Ashland Logo]
NEWS FROM ASHLAND
FOR FURTHER INFORMATION:
Chuck Rice
(606) 329-3895
FOR IMMEDIATE RELEASE
May 10, 1995
ASHLAND INC. TO TAKE ONE-TIME CHARGE
FOR ASHLAND PETROLEUM COMPANY REORGANIZATION
Ashland, Ky. - Ashland Inc. (NYSE: ASH) announced today that Ashland Petroleum
Company, the corporation's largest division, has announced a sweeping
management re-organization intended to position the company for success in the
extremely competitive refining business. The program includes adopting a
cross-functional management concept and instituting an enhanced early
retirement program with a goal of eliminating 250 positions. If this goal is
not achieved through the early retirement program then an involuntary
work force reduction will be necessary.
Ashland Inc. expects to record a one-time, pre-tax charge of
approximately $25 million in fiscal 1995.
Under the re-organization, Robert E. Yancey remains as Ashland
Petroleum president and senior vice president of Ashland Inc. D. Duane Gilliam
has been named executive vice president, petroleum operations and is
responsible for day-to-day strategic and tactical decisions across all
strategic business units of the company.
"With continued excess refining capacity in the U.S., these changes
are necessary," Yancey said. "Now and in the future, efficiency and
flexibility will determine success in the petroleum refining business. The
ability to make decisions that quickly and accurately reflect the commercial
realities of the marketplace and implement those decisions through
cross-functional teams should significantly improve our performance over
time."
Ashland Inc. is a worldwide energy and chemical company engaged in
petroleum refining, transportation and wholesale marketing; retail
gasoline marketing; motor oil and lubricant marketing; chemicals; coal;
highway construction; and oil and gas exploration and production.