COVINGTON, Ky. (AP) -- Ashland Inc. says it will acquire Hercules Inc. in a $3.3 billion merger that would create a global specialty chemicals company.

Under the agreement, the company headquartered in Covington, Ky., would acquire all the outstanding shares of Hercules.

Ashland is a manufacturer of specialty chemicals, a distributor of chemicals and plastics, and provides automotive lubricants, car-care products and quick-lube services.

Wilmington, Del.-based Hercules is one of the world's leading suppliers of specialty chemicals to the pulp and paper industry.