CSR (ASX:CSR) has decided to spin off its sugar and renewable energy businesses, leaving the company free to focus on the building materials market.
Under the plan, the sugar and renewable energy businesses will be converted into an independent, ASX-listed company with a separate brand and identity.
CSR board member Richard Lee will become chairman of the new company, and Ian Glasson, currently the head of CSR Sugar, will become its CEO.
The proposal has yet to receive formal board approval, Chairman Ian Blackburne said. But he added that he expects an endorsement to be the most likely outcome.
Shareholders will have the final say on the proposal.