<DOCUMENT>
<TYPE>EX-99.1
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<FILENAME>y88110exv99w1.txt
<DESCRIPTION>NEWS RELEASE
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                                                                    Exhibit 99.1

[AIR PRODUCTS LOGO]                                                 News Release
--------------------------------------------------------------------------------

Air Products and Chemicals, Inc.
7201 Hamilton Boulevard
Allentown, PA  18195-1501


03232


        AIR PRODUCTS TO ACQUIRE ASHLAND'S ELECTRONIC CHEMICALS BUSINESS
        ---------------------------------------------------------------
             Global Acquisition Strengthens Company's Position as a
             Leading Materials Supplier to the Electronics Industry

   Access the Air Products acquisition teleconference scheduled for 10:00 AM
       Eastern Time today by calling 719-457-2621 or listen on the Web at
              www.airproducts.com/Invest/PresentationSummary.htm.

LEHIGH VALLEY, Pa. (June 30, 2003) - Air Products (NYSE:APD), a globally
diversified gases and chemicals company and a leading supplier to the
semiconductor industry, announced today that it has signed a definitive
agreement to acquire the Electronic Chemicals business of Ashland Specialty
Chemical Company, a division of Ashland Inc. (NYSE:ASH), in a cash transaction
valued at approximately USD $300 million. The acquisition, which is subject to
regulatory approvals, is expected to be accretive to earnings in the first year.
Closing would follow receipt of regulatory approvals.

Ashland's Electronic Chemicals business is a leading global electronic service
provider and supplier of ultrapure specialty chemicals used by the electronics
industry to make semiconductor devices. Ashland Electronic Chemicals business
offerings include ACT(R) photoresist strippers; etch residue strippers and low-k
dielectric and copper strippers; high-purity process chemicals (HPPC) offering
basic and custom-performance blends of acids and solvents; copper plating
solutions; chemical mechanical planarization (CMP) slurries and post-CMP
cleaners; and Fab Services which provide on-site chemical management, parts
cleaning, and tool assembly and refurbishment for semiconductor manufacturing
plants--or fabs.

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The USD $200 million Electronic Chemicals business of Ashland has approximately
800 employees and has built a worldwide network of sales and marketing offices.
The ACT photoresist strippers have application labs and manufacturing facilities
in Hsin-Chu, Taiwan; near Seoul, South Korea, in the Kyonggi Province, Pyongtaek
City; Kawasaki, Japan; and Easton, Pa. HPPC products are manufactured at the
Easton, Pa. plant, as well as in Kaohsiung, Taiwan; Pueblo, Colo.; Dallas,
Texas; and Milan, Italy. The CMP suite of products has an application lab in
Dublin, Ohio and is manufactured in Dallas, Texas. Fab Services have various
on-site chemical management locations throughout North America, as well as a
European base in Glasgow, Scotland. Parts cleaning is conducted out of
Carrollton, Texas, and Phoenix, Ariz., where tool refurbishment also takes
place.

"The Ashland acquisition strongly illustrates our corporate-wide strategy to
identify and invest in higher growth, higher return businesses," said John P.
Jones, chairman and CEO, Air Products. "For electronics in particular, this deal
is the right fit at the right time because it capitalizes on our unique skills
as the world's only combined gases and chemicals company while strengthening our
global position as a market leader in the industry," he stated. "Over the past
year, we have reinvested more than half a billion dollars in our growth
platforms, and we will continue to look for similar opportunities that
effectively blend our strengths and skills with our corporate strategy."

Along with Electronics, Air Products' growth platforms include Refinery Hydrogen
and Energy Solutions, Performance Materials and Healthcare. The aim of the
Electronics Division is to be the premier materials service solution provider to
the electronics industry throughout the world.

"The acquisition of Ashland's Electronic Chemicals business makes sense on so
many levels for Air Products," said Gerald G. Ermentrout, vice president and
general manager of Air Products' Electronics Division. "First, it will give us a
more intimate electronic chemicals process knowledge that will enhance our
ability to develop new materials and solutions. Second, Ashland's product line
complements our existing portfolio and significantly expands our position in
high growth specialty materials, as well as our presence in Asia. And third, our
two


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companies have employees who share similar cultures, experiences and values such
as safety, innovation, quality and customer service," said Mr. Ermentrout. "What
this means for our customers is they will see an immediate increase in the
breadth of our offerings and global service capabilities, increased depth of
understanding of their processes, and additional integrated solutions
development for current and next generation technologies."


Ashland's Electronic Chemicals business would become a complementary business
to Air Products' $1 billion worldwide Electronics Division. Air Products meets
the materials and service needs of the semiconductor industry by offering a
complete product and service portfolio. The portfolio encompasses all the
consumable products that surround the process tool in semiconductor
manufacturing. This global reach includes MEGASYS(R) Total Gas and Chemical
Management services; specialty materials, including electronic specialty gases,
ultra-high purity chemicals, OptiYield(TM) developers, and DuPont Air Products
NanoMaterials LLC slurries and process chemicals; liquid and bulk gases;
ultra-high purity equipment; turn key project execution services through TRiMEGA
Electronics, L.L.C.; analytical services and microelectronics applications.

About Air Products

Air Products (NYSE:APD) serves customers in technology, energy, healthcare and
industrial markets worldwide with a unique portfolio of products, services and
solutions, providing atmospheric gases, process and specialty gases, performance
materials and chemical intermediates. The company is the largest global supplier
of electronic materials, hydrogen, helium and select performance chemicals.
Founded in 1940, Air Products is recognized for its innovative culture,
operational excellence and commitment to safety and the environment. With annual
revenues of $5.4 billion and operations in over 30 countries, the company's
17,200 employees build lasting relationships with their customers and
communities based on understanding, integrity and passion. For more information,
visit www.airproducts.com.

About Ashland

Ashland Inc. (NYSE:ASH) is a Fortune 500 company providing products, services
and customer solutions throughout the world. Businesses include road



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construction, specialty chemicals, lubricants, car-care products, chemical and
plastics distribution and transportation fuels. Through the dedication of its
employees, Ashland is "The Who In How Things Work(TM)." Find us at
www.ashland.com.

***NOTE: This release may contain forward-looking statements. Actual results
could vary materially, due to changes in current expectations.

Media Inquiries:
---------------
     Katherine Hilgert, tel: (610) 481-1188; e-mail: hilgerk@apci.com.

Investor Inquiries:
-------------------
     Alexander W. Masetti, tel: (610) 481-7461; e-mail: masettaw@apci.com.

EDITOR'S NOTE: Air Products will host a conference call and an accompanying
slide presentation Webcast today (June 30, 2003) at 10:00 a.m. Eastern Time to
discuss the acquisition of Ashland's Electronic Chemicals business. To
participate, please call 719-457-2621 at least five minutes prior to start time.
To access the live Webcast, please log on to
www.airproducts.com/Invest/PresentationSummary.htm approximately 15 minutes
prior to the call to register, and download and install any necessary software.
A replay of the conference call will be available by dialing 888-203-1112
(outside the U.S. 719-457-0820) and entering passcode 797834. The conference
call replay and Webcast will be available beginning at 12:30 p.m. Eastern Time
on June 30, 2003 through July 14, 2003.

A virtual press kit is available at Air Products on-line Press Room at
www.airproducts.com/pressroom.



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