Ashland Inc. (Ashland) is a global specialty chemicals company. Ashland operates through five segments: Ashland Aqualon Functional Ingredients (Functional Ingredients); Ashland Hercules Water Technologies (Water Technologies); Ashland Performance Materials (Performance Materials); Ashland Consumer Markets (Valvoline), and Ashland Distribution (Distribution). Functional Ingredients is a producer of cellulose ethers and pale wood rosin derivatives. Water Technologies is a producer of papermaking chemicals and a specialty chemicals supplier to the pulp, paper, commercial and institutional, food and beverage, chemical, mining and municipal markets. Performance Materials is engaged in unsaturated polyester resins and vinyl ester resins. Ashland Consumer Markets, which includes the Valvoline family of products and services, is a marketer and supplier of automotive lubricants, chemicals and appearance products. Distribution is a plastics and chemicals distributor in North America.