In a filing with the US Securities and Exchange Commission, it said it would complete the process by the end of the fiscal year 2015.
Under the plan, the company will divide 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 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 on revenue of $55.1 billion, down 19 percent and four percent, respectively, on a year-on-year basis.
The company’s printing and personal systems businesses will operate separately as HP, which currently holds the number one position in printing and number two position in consumer personal systems segment in terms of shipments.
Meg Whitman, chairman, president and CEO of HP said that this separation will create two “compelling” companies well positioned to win in the marketplace and to drive value for our stockholders.