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): January 23, 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 January 23, 2003, Ashland Inc. ("Ashland") reported its fiscal 2003
first quarter results, which are discussed in more detail in the press
release attached hereto as Exhibit 99.1, which is incorporated herein by
reference in its entirety.
As part of the release, Ashland announced that it has established an
additional reserve of $390 million to increase its asbestos reserves to
cover the claims and defense costs expected to be paid during the next ten
years. Ashland further announced that because insurance provides
reimbursements for most of these costs, the majority of that amount should
be offset by probable insurance recoveries valued at $235 million. After
providing for income taxes, the net charge amounted to $95 million.
Item 7. Financial Statements and Exhibits
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(c) Exhibits
99.1 Press Release dated January 23, 2003
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.
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(Registrant)
Date: January 23, 2003 /s/ David L. Hausrath
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Name: David L. Hausrath
Title: Vice President and
General Counsel
EXHIBIT INDEX
99.1 Press Release dated January 23, 2003