                                                        EXHIBIT 99.1



News Release



                                            FOR ADDITIONAL INFORMATION:
FOR ADDITIONAL INFORMATION:
                                            Jim Vitak, Ashland Inc.
                                            (614) 790-3715
                                            jevitak@ashland.com


                                            FOR IMMEDIATE RELEASE:
                                            December 29, 2004


ASHLAND COMPLETES PURCHASE OF 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
completed its purchase of the DERAKANE(R)  epoxy vinyl ester resin business
(which includes the DERAKANE  MOMENTUM* product line) from The Dow Chemical
Company (NYSE:  DOW). The purchase includes all technology and intellectual
property assets  associated  with the DERAKANE resin business.  No physical
assets will transfer to Ashland.
     The cash  transaction  is valued at  approximately  $90 million (USD).
Annual sales of DERAKANE resins are approximately $70 million (USD).
     "This important  addition to our thermoset  resins  portfolio  expands
Ashland's   leadership  in  providing  integrated  systems  and  technology
solutions  with superior  value to our  customers,"  said Theodore "Ted" L.
Harris, vice president,  Ashland Specialty  Chemical,  and general manager,
Composite Polymers. "We are committed to working with DERAKANE customers to
ensure a smooth transition."
     DERAKANE and DERAKANE  MOMENTUM resin products and technologies  offer
proven performance for use in fiber-reinforced  plastics (FRP) applications
requiring  outstanding  corrosion resistance and structural strength.  They
add increased breadth to Ashland's already broad product line of gel coats,
low  profile  additives  and  polyester  and vinyl ester  resins.  For more
information, visit www.derakane.com.

                                  - more -


<PAGE>



ASHLAND COMPLETES PURCHASE OF DERAKANE EPOXY VINYL ESTER RESIN BUSINESS  -2
About Ashland
     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.
     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.

                                   - 0 -

(R) Registered trademark, Ashland Inc.
* Trademark, Ashland Inc.


