COVINGTON, Ky., June 19 /PRNewswire-FirstCall/ -- Ashland Inc. (NYSE:
ASH) ("Ashland") announced today that it is exploring a possible separation
of Ashland Paving And Construction Inc. ("APAC"), a wholly owned subsidiary
of Ashland, including by means of a spin-off or sale of APAC. Ashland also
announced that it has entered into an exclusive negotiating period with
Oldcastle Materials, Inc. regarding the possible sale of APAC.
(Logo: http://www.newscom.com/cgi-bin/prnh/20040113/ASHLANDLOGO)
Ashland said there can be no assurance that any such transaction will
occur. Ashland has retained Credit Suisse Securities (USA) LLC as its
advisor to assist in this process.
Ashland also stated that it does not expect to disclose developments or
details with respect to the exploration of the possible separation of APAC
unless and until its board of directors has approved a definitive
transaction or a decision is made not to proceed with a separation of APAC.
About Ashland Inc.
Ashland Inc. (NYSE: ASH) is a Fortune 500 chemical and transportation
construction company providing products, services and customer solutions
throughout the world. To learn more about Ashland Inc., visit
http://www.ashland.com .
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. These statements include those that refer
to Ashland's expectations about the possible APAC transaction. Although
Ashland believes its expectations are based on reasonable assumptions, it
cannot assure the expectations reflected herein will be achieved. The
risks, uncertainties, and assumptions include the possibility that Ashland
will be unable to fully realize the benefits anticipated from the APAC
transaction; the possibility the APAC transaction may not close and other
risks that are described from time to time in the Securities and Exchange
Commission (SEC) reports of Ashland. Other factors and risks affecting
Ashland are contained in Ashland's Form 10-K, as amended, for the fiscal
year ended Sept. 30, 2005, filed with the SEC and available on Ashland's
Investor Relations website at http://www.ashland.com/investors or the SEC's
website at http://www.sec.gov. Ashland undertakes no obligation to subsequently
update or revise the forward-looking statements made in this news release
to reflect events or circumstances after the date of this news release.
SOURCE Ashland Inc.
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Related links:
http://www.ashland.com
http://www.ashland.com/investors
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20040113/ASHLANDLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
http://www.prnewswire.com/comp/065263.html/
CONTACT:
Media Relations, Ken Gordon, +1-614-790-1832,
or kdgordon@ashland.com, or Investor Relations, Daragh Porter,
+1-859-815-3825, or dlporter@ashland.com, both of Ashland Inc.
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