Check out this story on Eastman Chemical which was spun off from Kodak back in 1993. "We determined that there was little strategic reason related to our core imaging and health business for Kodak to continue to own Eastman," said then CEO Kay Whtimore at a press conference in 1993. Eastman Chemical has done pretty well out from under the Kodak umbrella.

http://money.cnn.com/2012/01/27/markets/thebuzz/