- HP takes important step in separating into two, independent companies
- Separation remains on track for November 2015
- Securities Analyst Meeting to be held September 15, 2015 PALO ALTO, Calif. July 1, 2015 — Today, HP announced that Hewlett Packard Enterprise Company (“Hewlett Packard Enterprise”) filed an initial Registration Statement on Form 10 with the Securities and Exchange Commission (“SEC”). The filing of the Form 10 is an important step in HP’s plan to separate into two independent public companies: Hewlett Packard Enterprise Company and HP Inc. The filing provides detailed information on the business and historical financial results of Hewlett Packard Enterprise and will be updated with additional information in subsequent amendments as part of the SEC review process.
Additional information on the strategy and financial performance of both companies will be provided at HP’s Securities Analyst Meeting on September 15, 2015, in the San Francisco Bay Area.
“Today, 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 Chief Executive Officer, 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.”
Hewlett Packard Enterprise will provide the cutting-edge technology solutions customers need to optimize their traditional IT while helping them build the secure, cloud-enabled, mobile-ready future that is uniquely suited to their needs. With net revenue of approximately $55 billion in fiscal year 2014, this company will include HP’s best-in-class portfolio and innovation capability across our Enterprise Group, Enterprise Services, Software, and Financial Services businesses.
HP Inc. will own and operate our printing and personal systems businesses, which currently hold the number one position in printing, the number one position in the profitable commercial personal systems segment, and the number two position in the consumer personal systems segment (by units shipped). HP Inc. will have an impressive portfolio and a strong innovation pipeline across areas such as multi-function printing, Ink in the Office, graphics, notebooks, mobile and desktop workstations, tablets and phablets.
The separation will be effected through a pro rata distribution of Hewlett Packard Enterprise’s common stock to HP’s stockholders. The separation remains subject to certain conditions, including, among others, obtaining final approval from the HP Board of Directors, receipt of a favorable IRS ruling and opinions of HP’s tax advisors regarding certain U.S. federal income tax matters and the effectiveness of the Form 10.
This document contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of HP and its consolidated subsidiaries could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including the expected benefits and costs of the separation of Hewlett Packard Enterprise Company from the rest of HP; the expected timing of the completion of the separation; the ability to complete the separation considering the various closing conditions; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include the possibility that expected benefits may not materialize as expected; that the separation may not be timely completed, if at all; that, prior to the completion of the separation, HP’s business may not perform as expected due to separation-related uncertainty or other factors; that the parties are unable to successfully implement separation strategies; and other risks that are described in HP’s Securities and Exchange Commission reports, including but not limited to the risks described in HP’s Annual Report on Form 10-K for its fiscal year ended October 31, 2014, HP’s Quarterly Report on Form 10-Q for its fiscal quarter ended April 30, 2015 and the “Risk Factors” section of the preliminary information statement included in the Registration Statement on Form 10 filed by Hewlett Packard Enterprise Company with the Securities and Exchange Commission. HP and Hewlett Packard Enterprise Company assume no obligation to update these forward-looking statements.
© 2015 Hewlett-Packard Development Company, L.P. The information contained herein is subject to change without notice. The only warranties for HP products and services are set forth in the express warranty statements accompanying such products and services. Nothing herein should be construed as constituting an additional warranty. HP shall not be liable for technical or editorial errors or omissions contained herein.
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