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HP is progressing with plans to split the company in two, having filed paperwork to create two independent public companies, Hewlett Packard Enterprise Company and HP Inc, and stating it remains on track to do so by November of this year.HP originally advised last October of the plan to split into two, with one company comprising its enterprise technology infrastructure, software and services businesses, and the other its personal systems and printing businesses.
Hewlett Packard Enterprise, the spin-off company, will take care of technology solutions for traditional IT, with the company to encompass HP’s Enterprise Group, Enterprise Services, Software and Financial Services businesses.
Parent company HP Inc will own and operate HP’s printing and personal systems businesses, covering areas such as multi-function printing, graphics, notebooks, mobile and desktop workstations, tablets and phablets.
The filing reveals that in the fiscal year 2014, HP Enterprise generated net income of US$1.6 billion from revenues of US$55 billion.
“Today, I’m more convinced than ever that this separation will create two compelling companies well positioned to win in the marketplace and to drive value for our stockholders,” Meg Whitman, HP chairman, president and chief executive officer, stated.
“Since we announced our plan to separate in October, we’ve made significant progress and remain on track to complete the separation by the end of the fiscal year 2015.”
