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Sept 22 (Reuters) - Specialty chemicals maker Ashland Inc said it will spin off its engine lubricants unit into a publicly traded company, Valvoline, to focus on its higher margin businesses.
Ashland's businesses generated about $3.6 billion in sales for the year ended June 30, while Valvoline's sales amounted to $2 billion, the company said in a statement.
The separation will be tax free for its shareholders, Ashland said. (Reporting by Amrutha Gayathri in Bengaluru; Editing by Savio D'Souza)