HP confirms plan to split into two companies

It's official. Soon, the HP we know will be no moreā€”and two separate companies will take its place. The firm issued a press release earlier this morning with all the details:

HP (NYSE: HPQ) today announced plans to separate into two new publicly traded Fortune 50 companies: one comprising HP's market-leading enterprise technology infrastructure, software and services businesses, which will do business as Hewlett-Packard Enterprise, and one that will comprise HP's market-leading personal systems and printing businesses, which will do business as HP Inc. and retain the current logo. Immediately following the transaction, which is expected to be completed by the end of fiscal 2015, HP shareholders will own shares of both Hewlett-Packard Enterprise and HP Inc. The transaction is intended to be tax-free to HP's shareholders for federal income tax purposes.

After the split takes effect, which is expected to happen "by the end of fiscal 2015," HP says business customers will have a "simpler, more nimble partner" in Hewlett-Packard Enterprise. HP Inc., meanwhile, is expected to invest in "growth markets such as 3-D printing and new computing experiences."

The plan calls for Meg Whitman, current HP CEO, to serve as Hewlett-Packard Enterprise's CEO once the split occurs. Dion Weisler, current Executive VP of HP's Printing and Personal Systems business, will become the CEO of HP Inc.

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