THE separation of the Recall business from Brambles makes simple unarguable sense. They are two very, very different businesses. There's really no point in having them in the same corporate structure and arguably it's actually a negative. The only reason they are in the same structure is a legacy of Brambles's journey away from its traditional transport roots, and its unfocused even chaotic attempts to build new business dynamics. For better or for worse, Brambles is now one of the world's major players in pallets. These are the rather crude but absolutely essential base for forklifts and containers to move goods around warehouses and around the world. It is stating the obvious that there is no synergistic link between this and Recall's document management business. It physically stores and retrieves documents and it destroys them. It is also increasingly doing the same with 'digital documents'. And it is building other business services off this. In terms of the investment dynamics, importantly, Recall is big enough to survive - and hopefully, thrive - in its own right, in the global space. But it's not too big, so that its separation would take too much of a chunk out of Brambles. In the year just ended, directors said yesterday, Recall would contribute between $US138 million and $US142 million to Brambles's group profit of $US1030 million to $US1060 million. After the split Brambles would therefore remain comfortably a top 50 company, while Recall would likely be comfortably in the top 200. The split is very similar to that of the 'old' NewsCorp into 21st Century Fox and the 'new' Newscorp. In both cases investors start with shares in both and can decide their separate future investment preferences.