EXHIBIT 99.1



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News Release         Ashland Logo



                                            FOR FURTHER INFORMATION:
                                            Media Relations
                                            Jim Vitak
                                            (614) 790-3715
                                            jevitak@ashland.com

                                            FOR IMMEDIATE RELEASE:
                                            May 31, 2006


ASHLAND COMPLETES PURCHASE
OF DEGUSSA WATER TREATMENT BUSINESS

COVINGTON,  Ky. - Ashland  Inc.  (NYSE:  ASH)  announced  today that it has
completed  its  purchase  of the water  treatment  business of Degussa AG -
branded  under the  Stockhausen  name - in North  America,  South  America,
western  Europe and most of the rest of the world.  In the areas  where the
purchase  has not been  completed,  the parties have  undertaken  necessary
steps  to  ensure  that  statutory  requirements  are met for the  expected
regulatory approvals. The entire transaction is valued at approximately 122
million euros.

     The Stockhausen  business will be known as  Environmental  and Process
Solutions and operate as a business group of Ashland Water Technologies,  a
business of Ashland Specialty Chemical, a division of Ashland Inc.

     "With this  transaction,  we significantly  expand our technology base
and product lines through the addition of water soluble polymer technology,
greatly  enhancing our offering to our customers," said Len Gelosa,  senior
vice  president,  Ashland  Water  Technologies.  "Further,  we  expand  our
presence in strong  existing  markets like Europe and the U.S.,  as well as
new growth markets like China, Russia and Brazil."

     Five  manufacturing  facilities  located in  Germany,  China,  Brazil,
Russia and the United States are included in the  transaction.  The Degussa
water treatment business posted 2005 sales of nearly $250 million.

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ASHLAND COMPLETES PURCHASE OF DEGUSSA WATER TREATMENT BUSINESS - 2

     Ashland Water Technologies,  a business of Ashland Specialty Chemical,
is a supplier of chemical and  non-chemical  water-treatment  solutions for
industrial and commercial  facilities.  It provides industrial,  commercial
and institutional water treatments, wastewater treatment, pathogen control,
paint  and  coating  additives,   pulp  and  paper  processing  and  mining
chemistries.  In  addition,  it also  provides  boiler  and  cooling  water
treatments, fuel treatments,  welding,  refrigeration and sealing products;
and fire fighting, safety and rescue products and services for the merchant
marine industry.

     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.

     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, visit www.ashland.com.

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