Tech giant formally files plan to split up into independent companies

Hewlett-Packard officially laid out its most detailed plan yet on how the $110 billion company will split into two companies, each with about $55 billion in annual revenue, and reiterated that it remains on track to complete the separation on Nov. 1, according to multiple reports.

According to a report, the new details came in a filing with the U.S. Securities and Exchange Commission.

The filing uses the prior year’s financial data to show how the divisions of the company that will make up Hewlett-Packard Enterprise, the new company created by the breakup, would have performed.

Had those divisions been a standalone company, the filing shows that in fiscal 2014 HPE would have posted a profit of $1.6 billion on revenue of $55.1 billion. Sales declined 4 percent year-on-year while profits fell 19 percent.

The biggest business segment, having posted nearly $27 billion in revenue and a $4 billion operating profit, is the Enterprise Group, which sells servers, data storage and networking equipment. The Enterprise Services unit, which offers outsourced IT services, brought in about $21.3 billion and an operating profit of $818 million. The software unit brought in $3.6 billion in revenue and a profit of $871 million.

According to sources, HP first confirmed its plan to split into two companies in October. HPE will be devoted to selling computing equipment to large companies. The second company, HP Inc., will comprise its personal computing and printing businesses.

Sources also say Meg Whitman will be CEO of HPE and chairman of HP Inc. Dion Weisler, current head of HP’s printing and PC units ,will be CEO of HP Inc. Patricia Russo, currently HP’s lead independent director, will be chairman of HPE.

Whitman said in a statement that she is “more convinced than ever” about her plan to break up the 76-year-old tech giant.