EXHIBIT 99.1



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News Release         ASHLAND LOGO

                            FOR ADDITIONAL INFORMATION:

                            Jim Vitak
                            (614) 790-3715
                            jevitak@ashland.com

                            David Cameron, The Dow Chemical Company
                            (989) 636-3369
                            dccameron@dow.com

                            Josiah McClellan, Gibbs & Soell, Inc.
                            (212) 697-2600


                            FOR IMMEDIATE RELEASE:
                            November 4, 2004

ASHLAND PURCHASES DERAKANE EPOXY VINYL ESTER RESIN BUSINESS FROM DOW

DUBLIN,  OHIO  (USA) - Ashland  Composite  Polymers,  a  business  group of
Ashland  Specialty  Chemical,  a division of Ashland Inc. (NYSE:  ASH), has
expanded  its  technology  assets by signing an  agreement  to purchase the
DERAKANE*  epoxy vinyl ester resin  business  (which  includes the DERAKANE
MOMENTUM* product line) from The Dow Chemical Company (NYSE: DOW) in a cash
transaction  valued at  approximately  $92 million  (USD).  Annual sales of
DERAKANE resins are approximated at $70 million (USD).
     The proven performance of DERAKANE and DERAKANE MOMENTUM  technologies
for  use  in  fiber  reinforced   plastics  (FRP)  applications   requiring
outstanding   corrosion  resistance  and  structural  strength  complements
Ashland's current product portfolio of thermoset resins.
     "Over the past two years,  Ashland has spent a  significant  amount of
time refining its portfolio of businesses  and focusing on  technologies  -
such as thermoset  chemistries - that are core to the company's  long-term,
strategic  focus,"  said Ted  Harris,  vice  president,  Ashland  Specialty
Chemical, and general manager,  Composite Polymers.  "Ashland's purchase of
the  DERAKANE  resin  business is in direct  alignment  with our  long-term
strategy to develop integrated systems and technology  solutions that offer
superior value to our customers."
     "We  successfully  built the DERAKANE  business into a global industry
leader,"  said Juan  Antonio  Merino,  general  manager of Dow's  Thermoset
Systems business. "However, in today's environment, continued success would
require us to broaden our market  participation and product offering.  This
would involve investing in polyester, which lies outside of our established
core capabilities.  We are pleased to have found a strategic buyer with the
business  model  required  to  strengthen  and  maximize  the  value of the
business and give customers a strong and proven supplier for the future. We
will work with Ashland and customers to ensure a smooth transition."

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ASHLAND PURCHASES DERAKANE EPOXY VINYL ESTER RESIN BUSINESS FROM DOW    - 2


     The  purchase  includes  all  technology  assets  associated  with the
DERAKANE  business.  No  physical  assets will  transfer  to  Ashland.  The
closing,  which is anticipated to take place in late 2004 or early 2005, is
conditional upon a number of standard closing conditions, including several
regulatory reviews.
     Ashland  Composite  Polymers,  a business  group of Ashland  Specialty
Chemical, is a leader in supplying products,  processes and technologies to
the global marketplace in composites and gel coats.
     Ashland Specialty Chemical,  a division of Ashland Inc., is a leading,
worldwide  supplier of specialty  chemicals  serving  industries  including
adhesives,  automotive,  composites, metal casting, merchant marine, paint,
paper, plastics,  watercraft and water treatment.  Visit www.ashspec.com to
learn more about these operations.
ABOUT ASHLAND
     Ashland Inc. (NYSE: ASH) is a Fortune 500 transportation construction,
chemicals and petroleum company providing  products,  services and customer
solutions throughout the world. Find us at www.ashland.com.
ABOUT THE DOW CHEMICAL COMPANY
     Dow  (NYSE:  DOW) is a leader in  science  and  technology,  providing
innovative chemical,  plastic,  agricultural  products and services to many
essential  consumer markets.  With annual sales of $33 billion,  Dow serves
customers in more than 180  countries  and a wide range of markets that are
vital  to  human  progress,  including  food,  transportation,  health  and
medicine,  personal and home care,  and building  and  construction,  among
others. Committed to the principles of sustainable development, Dow and its
approximately 46,000 employees seek to balance economic,  environmental and
social responsibilities.  References to "Dow" or the "Company" mean The Dow
Chemical  Company  and  its  consolidated   subsidiaries  unless  otherwise
expressly  noted.  For  further  information,   visit  Dow's  web  site  at
www.dow.com.  Visit  www.derakane.com  to learn  more  about  the  DERAKANE
business.


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  * Trademark of The Dow Chemical Company