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Oct. 6, 2014 / 7:57 AM

Hewlett-Packard announces split into two companies

"This would be a brilliant move at just the right moment in the turnaround. It would liberate significant trapped value," said former Hewlett-Packard chairman Ralph Whitworth

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PALO ALTO, Calif., Oct. 6 (UPI) -- Hewlett-Packard will announce Monday it plans to separate its personal-computer and printer production from its corporate hardware and services operations.

The move is a part of a plan to increase profits. The split will be achieved through a tax-free distribution of shares among shareholders. The two publicly traded companies would receive $50 billion in annual revenue.

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"This would be a brilliant move at just the right moment in the turnaround. It would liberate significant trapped value," Former chairman of the company Ralph Whitworth told the Wall Street Journal.

Meg Whitman is expected to be chairman of the PC and printer business, to be known as HP Inc., and CEO of the other company, to be called Hewlett-Packard Enterprise.

Dion Weisler is expected to be made CEO of the printer business.

It's part of a trend of companies breaking off operations to become more focused and more revenue. Ebay and Paypal broke off their operations with the same purpose.

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