HP is breaking up. For 75 years the company has existed as a single entity, but on Monday it announced that it is being split in two, creating two new companies, each bearing familiar names.
V3 has rounded-up five key facts from the announcement to help you get up to speed with the news.
1. Two new names
Hewlett-Packard Enterprise. This company will cover all business-focused infrastructure, software and systems ranging from "servers, storage, networking, converged systems", as well as the OpenStack Helion cloud platform.
HP Inc. This company will focus on “personal systems and printing businesses”, i.e. printers and printer ink, laptops, desktops and tablets.
2. Who's in charge?
Meg Whitman, the current CEO of HP, will become the new president and CEO of Hewlett-Packard Enterprise.
Dion Weisler, current executive vice president of HP’s Printing and Personal Systems business, will lead HP Inc as CEO.
3. The logo
HP Inc will retain the current HP logo. Whitman said this was necessary as the company will focus on consumer devices such as printers, laptops and PCs where the brand is more important to sales.
Whitman revealed on a call with financial analysts announcing the split that in 2011, when a spin-off for the PC division of HP was mooted, it was estimated that the rebrand of a new PC company spun-out of HP would cost $1bn.
As such, retaining the logo for HP Inc is seen as a major money-saving move as part of the split.
It is not yet clear how Hewlett-Packard Enterprise will be branded.
4. Cash and staff
HP estimates that Hewlett-Packard Enterprise will have revenue strength of $58bn and operating profits of $6bn.
HP Inc will be similarly large, with revenues of $57bn and operating profit of $5bn.
The split in staff between the two new companies was not announced.
It's not going to be quick. HP said the move would be completed by the end of fiscal 2015. HP's financial year ends on 31 October so there is over a year until it closes. "It’s a complicated tax disentanglement," noted Whitman.
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