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): June 30, 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
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On June 30, 2003, Ashland Inc. ("Ashland") announced that it has
signed a definitive agreement to sell the net assets of its Electronic
Chemicals business and certain related subsidiaries to Air Products. The
transaction is valued at approximately $300 million before tax, and
Ashland's after-tax proceeds will be used primarily to reduce debt.
The Electronic Chemicals business has annual sales revenues of
approximately $200 million. Ashland expects the transaction to close within
60 days, with the gain on the sale being reflected in the September 2003
quarter. The results of the Electronic Chemicals business will be
reclassified as discontinued operations in Ashland's June 2003 financial
statements, with all prior periods restated. If Ashland had divested the
Electronic Chemicals business at the beginning of its current fiscal year
(October 1, 2002) and used the proceeds to repay short-term debt, Ashland's
earnings for the first half of fiscal 2003 would have been reduced by 7
cents a share, assuming repayment of short-term debt at a before-tax cost
of 1.75 percent.
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
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(c) Exhibits
99.1 Press Release dated June 30, 2003
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SIGNATURES
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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.
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(Registrant)
Date: June 30, 2003 /s/ David L. Hausrath
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Name: David L. Hausrath
Title: Vice President and
General Counsel
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EXHIBIT INDEX
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99.1 Press Release dated June 30, 2003
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