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.