There is a very sound rationale for the spin off, IMO. There are three basic parts to the Company, Grifco, Global, CTT. There are two things that set Grifco et al apart form several other small, profitable oil tool companies. The Libya deal and CTT's technology ,which includes the Jet Motor, the RotorJet and CTT's other tools.
Libya is at least a year away from full production in the new facility. While CTT is already making money from their tool line.
Also Grifco may be struggling with their financials for a while. I think Dial has decided to cut CTT loose to let them rise to their value without being held back by the long lead time for Libya and any further delay in releasing financials.
Those of you that think Dial is making this move for nefarious reasons, flee while you still can!
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