EXHIBIT 21
LIST OF SUBSIDIARIES
Subsidiaries of Ashland Inc. ("AI") at September 30, 2005, included
the companies listed below. Ashland has numerous unconsolidated affiliates,
which are primarily accounted for on the equity method, and majority-owned
consolidated subsidiaries in addition to the companies listed below. Such
affiliates and subsidiaries are not listed below since they would not
constitute a significant subsidiary considered in the aggregate as a single
entity.
Jurisdiction of
Company Incorporation Immediate Parent*
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APAC-Arkansas, Inc. ................................... Delaware APAC
APAC-Atlantic, Inc. ................................... Delaware APAC
APAC-Kansas, Inc. ..................................... Delaware APAC
APAC-Mississippi, Inc. ................................ Delaware APAC
APAC-Missouri, Inc. ................................... Delaware APAC
APAC-Oklahoma, Inc. ................................... Delaware APAC
APAC-Southeast, Inc. .................................. Georgia APAC
APAC-Tennessee, Inc. .................................. Delaware APAC
APAC-Texas, Inc. ...................................... Delaware APAC
ASH GP LLC ("ASH GP") ................................. Delaware AIHI
ASH LP LLC ("ASH LP") ................................. Delaware AIHI
Ashland Canada Corp. ("ACC")........................... Nova Scotia, Canada ACHBV
Ashland Canada Holdings B.V. ("ACHBV") ................ Netherlands AHBV
Ashland Chemical Hispania, S.L. ....................... Spain AIHI
Ashland Chimie France SAS ("ACF") ..................... France AF
Ashland Finland Oy .................................... Finland AHBV 51% - ACC 49%
Ashland France SAS ("AF") ............................. France AHBV
Ashland Holdings B.V. ("AHBV") ........................ Netherlands ATCV
Ashland International Holdings, Inc. ("AIHI") ......... Delaware AI
Ashland Italia S.p.A. ................................. Italy AHBV
Ashland Nederland B.V. ................................ Netherlands AHBV
Ashland Paving And Construction, Inc. ("APAC") ........ Delaware AI
Ashland Polyester SAS ................................. France ACF
Ashland Services B.V. ("ASBV") ........................ Netherlands AHBV
Ashland UK Limited .................................... United Kingdom AHBV
Ashmont Insurance Company, Inc. ....................... Vermont AI
AshOne C.V. ("AOCV") .................................. Netherlands ASH LP 1% - AIHI 98% - ASH GP 1%
AshTwo C.V. ("ATCV") .................................. Netherlands AIHI 10% - AOCV 89% - ASH GP 1%
AshThree LLC . ........................................ Delaware AI
Valvoline (Australia) Pty. Limited .................... Australia AHBV
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*100% of the voting securities are owned by the immediate parent except as otherwise indicated.