Hewlett-Packard to restructure into two separate companies

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HP’s computing and printer division to split off from corporate hardware and services.

US tech giant HP has announced plans to divide operations into two separate businesses.

The split comes after a period of restructuring for the company over the last few years which has already seen thousands of job cuts. Now into the fourth year of its five year turnaround plan HP seek to adapt to the latest moves in online and mobile tech.

HP chief exec Meg Whitman, tasked with the job of turning the firm’s performance around will now head the breakaway group Hewlett Packard Enterprise to concentrate solely on corporate hardware and services.

Whitman will also chair HP Inc, set to handle the more successful PC and printing side of the business which accounted for half of the company’s revenue and profits in the last financial quarter.

Speaking on the issue Whitman notes the split will allow both firms the "flexibility they need to adapt quickly to market and customer dynamics".

"We can [now] more aggressively go after the opportunities created by a rapidly changing market," Ms Whitman added.

HP state they are due to enact the company’s division by the end of the 2015 financial year. Current HP shareholders will be offered a stake in both businesses.