Temple-Inland Inc. announced plans to separate itself into three stand-alone public companies and sell its timberlands.
As part of the breakup, Temple-Inland will retain its corrugated packaging and building products operations, which made up three-quarters of the $5.6 billion in revenue the company reported in 2006. The company will spin off its financial services business, which owns Guaranty Bank in Texas and California, and its real estate unit, which operates as Forestar Real Estate Group.
That company's corrugated packaging business accounted for $2.98 billion in sales last year, while forest products took in $1.24 billion. Its financial services arm reported $1.17 billion in revenue and real estate accounted for $175 million in sales.
Temple-Inland also plans to sell off some 1.8 million acres of timberland in Texas, Louisiana, Alabama and Georgia.