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Ashland Inc. and Clariant announce agreement to sell ASK Chemicals joint venture to Rhône

April 9, 2014

COVINGTON, Ky. - Ashland Inc. (NYSE: ASH) and Clariant today announced they have
entered into a definitive agreement to sell their joint venture, ASK Chemicals
GmbH headquartered in Hilden, Germany, to investment funds affiliated with
Rhône, a London and New York-based private equity investment firm. The
enterprise value of the transaction, before debt and assumed liabilities,
amounts to €257 million. After adjusting for debt and assumed liabilities, total
pre-tax proceeds to the sellers will be €149 million, which includes €128
million in cash and a €21 million buyer note. Proceeds will be split evenly
between Ashland and Clariant under terms of the 50/50 joint venture. The
transaction is expected to close prior to the end of Ashland's fiscal fourth
quarter on September 30, 2014, and is subject to customary closing conditions,
including regulatory approvals.

With 1,800 employees in 25 countries, ASK Chemicals is a leading foundry
chemicals manufacturer. Its portfolio encompasses an exceptionally broad and
innovative range of foundry resources such as binders, coatings, feeders,
filters and release agents, as well as metallurgical products including
inoculants, inoculation wires and master alloys for iron casting. In 2013, ASK
Chemicals generated annual revenues of €513 million.

"The  sale of Ashland's equity interest in  ASK Chemicals will allow us to focus
on  our  core  specialty  chemicals  business  as  we reposition the company for
sustained  sales and profit growth," said James J. O'Brien, Ashland chairman and
chief  executive  officer.  "At  the  same  time,  the divestiture will give ASK
Chemicals an opportunity for new investment as it works to build on its position
as a leading foundry chemicals manufacturer."

"The divestment of our stake in ASK Chemicals is part of our continuous active
portfolio management to reallocate capital towards our more profitable growth
areas," said Hariolf Kottmann, Clariant chief executive officer. "In the joint
venture we have successfully combined the activities of Ashland and former Süd-
Chemie businesses. Now we release it to a new owner who will focus on growth

Rhône commented: "We are proud to succeed Ashland and Clariant in the
stewardship of ASK Chemicals.  We are excited to be partnering with ASK
Chemicals' management team, and look forward to working with them to further
develop the business in this new phase of ASK's expansion, leveraging on its
leading technology platform, long-standing customer relationships, global
manufacturing base and talented personnel."

About Rhône and its affiliates
Rhône,  established in  1996, is a  global private  equity firm  with a focus on
investments  in market leading  businesses with a  pan-European or transatlantic
presence  and expansion  prospects. Rhône's  investment philosophy  includes the
development  of strong,  strategic partnerships  with the  companies in which it
invests.  Rhône  has  offices  in  London  and  New  York  and  currently  holds
investments  in a diversified  portfolio of companies,  including investments in
the  chemicals,  consumer  products,  food,  industrial,  materials,  mining and
shipping industries.

About Ashland
In more than 100 countries, the people of Ashland Inc. (NYSE: ASH) provide the
specialty chemicals, technologies and insights to help customers create new and
improved products for today and sustainable solutions for tomorrow. Our
chemistry is at work every day in a wide variety of markets and applications,
including architectural coatings, automotive, construction, energy, food and
beverage, personal care, pharmaceutical, tissue and towel, and water treatment.
Visit to see the innovations we offer through our four commercial
units - Ashland Specialty Ingredients, Ashland Water Technologies, Ashland
Performance Materials and Valvoline.
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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. Ashland  has  identified  some of these forward-looking
statements with words such as "anticipates," "believes," "expects," "estimates,"
"may,"  "will," "should" and "intends" and the negatives of these words or other
comparable terminology. In addition, Ashland may from time to time make forward-
looking  statements in its  filings with the  Securities and Exchange Commission
(SEC),  news releases and other written  and oral communications. These forward-
looking  statements are based  on Ashland's expectations  and assumptions, as of
the  date  such  statements  are  made,  regarding  Ashland's  future  operating
performance  and financial  condition, the  economy and  other future  events or
circumstances.   Ashland's   expectations   and   assumptions  include,  without
limitation,  internal  forecasts  and  analyses  of  current  and  future market
conditions  and trends, management plans  and strategies, operating efficiencies
and  economic  conditions  (such  as  prices,  supply  and  demand,  cost of raw
materials,  and the ability to recover raw-material cost increases through price
increases), and risks and uncertainties associated with the following: Ashland's
substantial  indebtedness (including the possibility  that such indebtedness and
related  restrictive covenants may adversely affect Ashland's future cash flows,
results  of operations, financial condition and  its ability to repay debt); the
sale  transaction involving  Ashland Water  Technologies and  the potential sale
transaction  involving the  elastomers business  (including the possibility that
one  or both transactions  may not occur  or that, if  a transaction does occur,
Ashland  may not  realize the  anticipated benefits  from such transaction); the
global  restructuring program  (including the  possibility that  Ashland may not
achieve  the anticipated revenue and earnings growth, cost reductions, and other
expected  benefits from the  program); Ashland's ability  to generate sufficient
cash  to finance its stock repurchase  plans, severe weather, natural disasters,
and legal proceedings and claims (including environmental and asbestos matters).
Various  risks and uncertainties  may cause actual  results to differ materially
from  those  stated,  projected  or  implied  by any forward-looking statements,
including,  without limitation,  risks and  uncertainties affecting Ashland that
are  described in  its most  recent Form  10-K (including  Item 1A Risk Factors)
filed   with   the   SEC,   which   is   available   on   Ashland's  website  at  or  on  the  SEC's  website at Ashland
believes  its expectations and  assumptions are reasonable,  but there can be no
assurance  that  the  expectations  reflected  herein  will be achieved. Ashland
undertakes  no obligation to subsequently  update any forward-looking statements
made in this news release or otherwise except as required by securities or other
applicable law.


Investor Relations:
Jason Thompson
+1 (859) 815-4454

Media Relations:
Gary Rhodes
+1 (859) 815-3047

Inquiries about Rhône:
Charlie Harrison
T: +44 207 861 3125
M: +44 7500 578 179

Guy Scarborough
T: +44 207 861 3870
M: +44 7912 539 975

This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
    other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
     originality of the information contained therein.

Source: Ashland Inc. via GlobeNewswire

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