Oct. 6, 2014
US computer giant Hewlett Packard (HP) has confirmed it will split itself into two companies, one focused on company's enterprise services, software, and servers, and the other focusing on its PC and printing businesses, including 3D printing initiatives.
HP CEO Meg Whitman will become president and CEO of Hewlett Packard Enterprise for cloud computing services; while Dion Weisler, executive vice president of HP's Printing and Personal Systems business will become president and CEO of HP Inc. for printing and computing. Whitman will also be non-executive chairman of HP Inc.'s board.
"HP Inc. will be the leading personal systems and printing company with a strong roadmap into the most exciting new technologies like 3D printing and new computing experiences," the company outlined one of its key goals in a statement.
Today's announcement comes as HP approaches the fourth year of its five-year turnaround plan. And the company aimed to make them profitable and competitive.
"Our work during the past three years has significantly strengthened our core businesses to the point where we can more aggressively go after the opportunities created by a rapidly changing market," Ms Whitman said.
"The decision to separate into two market-leading companies underscores our commitment to the turnaround plan.
"It will provide each new company with the independence, focus, financial resources, and flexibility they need to adapt quickly to market and customer dynamics, while generating long-term value for shareholders."
The transaction is currently targeted to be completed by the end of fiscal 2015. Once complete HP stockholders will own shares of both companies.
HP also expects job reductions likely to reach to 50,000, much greater than its reviously 45,000 during the Q2'14 earnings announcement.
Posted in 3D Printing Company
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