Hewlett-Packard restructuring to split firm in two
Hewlett-Packard is to press ahead with a restructuring plan which will see it hive off its struggling corporate hardware and services divisions from its more profitable computer and printer business as it attempts to turn itself around.
The dramatic move culminates a period of upheaval for the technology firm which has seen it shed tens of thousands of jobs amidst a sharp decline in profits as it struggled to make the shift from PC’s to mobile and online computing.
Reports in the Wall Street Journal suggest that the new structure could be formally unveiled today with chief executive Meg Whitman heading up the HP’s printing and PC business.
HP is currently embroiled in an acrimonious dispute with the founders of Autonomy after it purchased the business for $11.1bn in 2011 – only to see it valued at just $2.3bn a year later.
The technology company has also come under increasing pressure from rivals such as Lenovo and Dell.