BUZZ-Ashland Inc: To spin off engine lubricants unit

Tue Sep 22, 2015 9:10am EDT
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** Specialty chemicals maker's shares up 4 pct at $110 premarket

** Company to spin off engine lubricants unit into publicly traded company, Valvoline, to focus on higher-margin businesses such as specialty ingredients and performance materials for industries including pharmaceuticals, personal care and energy

** These businesses had about $3.6 bln in sales in year ended June 30, while Valvoline had $2 bln in sales

** Up to Monday's close, stock had fallen nearly 12 pct this year