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Ashland to shed Valvoline to focus on chemicals

Sep 22, 2015 - The Deal Pipeline

Ashland Inc. (ASH) said Tuesday that it would spin its Valvoline Inc. lubricant business into a separate publicly traded company to focus primarily on higher-margin specialty chemicals products.

Covington, Ky.-based Ashland said that the split, which follows a strategic review, will be handled as a tax-free spin to shareholders. Ashland has been actively reviewing its portfolio since 2013, when Jana Partners LLC bought in, selling its water products business to Clayton Dubilier & R...