Jul 17, 2008. /Lesprom.com/. Potlatch Corp. said its board approved its previously announced spin-off of its pulp businesses, as it focuses on its core timber and real estate businesses. The company announced its plan to spin off the business in a tax-free transaction. The new company, called Clearwater Paper, is expected to be listed on the New York Stock Exchange. It had about $1.2 billion in revenue in 2007. The spin-off is planned for the 4Q, the company said. It has requested that the Internal Revenue Service make a ruling confirming the tax-free nature of the spin-off.