how to split the string?

Question

I have string in following format.
string str="The <Pashmina and Tosha shawls | handicraft | beautiful carpets> of Kashmir are world famous."
I want split the above string from and form new sentence.
fro ex.str1=The Pashmina and Tosha shawls of Kashmir are world famous.
            str2=The handicraft of Kashmir are world famous.
plz anyine help me .I m new in c# field.

Thnks and regards
pash