Hewlett-Packard to split into two public companies, lay off 5,000 [View all]

[magical thyme]

(Reuters) - Hewlett-Packard Co (HPQ.N) said it would split into two listed companies, separating its computer and printer businesses from its faster-growing corporate hardware and services operations, and eliminate another 5,000 jobs as part of its turnaround plan.

HP said its shareholders would own a stake in both businesses through a tax-free transaction next year, the details of which still needed to be worked out.

A spinoff of the PC business was last proposed in 2011 by then-Chief Executive Leo Apotheker as the company struggled in the highly competitive PC market. HP later ditched the plan - and Apotheker, replacing him with current CEO Meg Whitman.

"Make no mistake, one HP was the right thing to do to begin the turnaround of this company," Whitman said on a conference call. "But now ... this is definitely the right tactic."

http://www.reuters.com/article/2014/10/06/us-hp-restructuring-idUSKCN0HV0U720141006

just don't eff my my little pension