CLAYTON AND DUBILIER NEW JOINT UNIT TO BUY FIRM
Clayton and Dubilier Inc and senior
management of a unit of Borg-Warner Corp <BOR> said it will
form a new company to buy Borg-Warner's industrial products
group for about 240 mln dlrs.
    Borg-Warner industrial products has sales of about 300 mln
dlrs from three divisions, which provide advanced technology
fluid transfer and control equipment, systems and
services worldwide, Clayton said.
    The new company will have 3,000 employees and be
headquartered in Long Beach, Calif., the company said.
    Peter Valli, vice president of Borg-Warner Corp and
president of its industrial products division, will become
president and chief executive officer of the new company,
according to Clayton.
    Clayton, a private investment firm, said this was the third
mangement buyout of a divestiture completed by them since
December 1986.
 Reuter
