UNITED STATES
                     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): October 27, 2006

                                ASHLAND INC.
           (Exact Name of Registrant as Specified in its Charter)

                                  Kentucky
               (State or Other Jurisdiction of Incorporation)

        1-32532                                             20-0865835
(Commission File Number)                                 (I.R.S. Employer
                                                        Identification No.)

50 E. RiverCenter Boulevard, Covington, Kentucky               41011
    (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

Check the  appropriate  box below if the Form 8-K  filing  is  intended  to
simultaneously satisfy the filing obligation of the registrant under any of
the following provisions:

[ ]  Written  communications  pursuant to Rule 425 under the Securities Act
     (17 CFR 230.425)
[ ]  Soliciting  material  pursuant to Rule  14a-12  under the Exchange Act
     (17 CFR 240.14a-12)
[ ]  Pre-commencement  communications  pursuant to Rule 14d-2(b)  under the
     Exchange Act (17 CFR 240.14d-2(b))
[ ]  Pre-commencement  communications  pursuant to Rule 13e-4(c)  under the
     Exchange Act (17 CFR 240.13e-4(c))

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Item 8.01.  Other Events

     Today,  Ashland  Inc.  announced  that on  October  27,  it  signed  a
definitive  agreement to purchase  the assets of Northwest  Coatings of Oak
Creek,  Wisconsin,  a formulator and manufacturer of adhesives and coatings
employing   ultra-violet   and   electron   beam   (UV/EB)   polymerization
technologies.  Northwest  Coatings is a holding of Caltius Equity partners.
The  transaction,   which  includes  production  facilities  in  Milwaukee,
Wisconsin and Greensboro,  North Carolina,  is valued at approximately  $72
million. The closing,  which is anticipated to take place before the end of
2006, is dependent upon a number of standard closing conditions,  including
regulatory review.

     The proposed  transaction  is further  described in the press  release
attached hereto as Exhibit 99.1, and incorporated by reference herein.

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Item 9.01.  Financial Statements and Exhibits

    (d)     Exhibits

   99.1     Press release dated October 30, 2006

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                                   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:  October 30, 2006            /s/ J. Marvin Quin
                                  -----------------------------------------
                                  Name:   J. Marvin Quin
                                  Title:  Senior Vice President
                                          and Chief Financial Officer

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                               EXHIBIT INDEX

99.1     Press release dated October 30, 2006

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