US tech major Hewlett-Packard (HP) detailed its plans to split into two companies in a filing with the US Securities and Exchange Commission, adding that it would complete the process by the end of the fiscal year 2015.
As per the plan, the company would separate its personal-computer and printer businesses from its corporate hardware and services operations.
The corporate division will be known as Hewlett Packard Enterprise and provide technology solutions, besides cloud and mobile services. It will comprise of the company's enterprise group, enterprise services, software and financial services businesses.
The filing provides detailed information on the business and historical financial results of Hewlett Packard Enterprise, assuming it to be a stand-alone company.
In fiscal 2014, Hewlett Packard Enterprise would have posted a profit of $1.6bn (£1.02bn, €1.44bn) on revenue of $55.1bn, down 19% and 4%, respectively, on a year-on-year basis.
The company's printing and personal systems businesses will operate separately as HP Inc., which currently holds the number one position in printing and number two position in consumer personal systems segment in terms of shipments.
"I'm more convinced than ever that this separation will create two compelling companies well positioned to win in the marketplace and to drive value for our stockholders," said Meg Whitman, chairman, president and CEO of HP.
"Since we announced our plan to separate in October, we've made significant progress and remain on track to complete the separation by the end of the fiscal year 2015."
After a number of media reports, HP first confirmed its plan to split into two companies in October.
The split will be effected through a pro-rata distribution of Hewlett Packard Enterprise's common stock to HP's stockholders.
More about HP