-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Rohd7F1QIBYXJi4Fv/hkY787nvr/3wA6Fnqy8LDjdAntydShoB6UsyxWVPv2Tvin sy+nTKRR14hkvreGR76PTw== 0000007694-03-000122.txt : 20030829 0000007694-03-000122.hdr.sgml : 20030829 20030829122902 ACCESSION NUMBER: 0000007694-03-000122 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030829 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030829 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ASHLAND INC CENTRAL INDEX KEY: 0000007694 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-CHEMICALS & ALLIED PRODUCTS [5160] IRS NUMBER: 610122250 STATE OF INCORPORATION: KY FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-02918 FILM NUMBER: 03873212 BUSINESS ADDRESS: STREET 1: 50 E. RIVERCENTER BOULEVARD CITY: COVINGTON STATE: KY ZIP: 41012 BUSINESS PHONE: 6068153333 MAIL ADDRESS: STREET 1: 50 E. RIVERCENTER BOULEVARD CITY: COVINGTON STATE: KY ZIP: 41012 FORMER COMPANY: FORMER CONFORMED NAME: ASHLAND OIL INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: ASHLAND OIL & REFINING CO DATE OF NAME CHANGE: 19700806 8-K 1 form8k829.txt FORM 8-K 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- EX-99 3 pressrel.txt EX. 99.1 PRESS RELEASE 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 - -----END PRIVACY-ENHANCED MESSAGE-----