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January 2, 2013

HP to dispose units that don’t meet long term goals

HP will continue to evaluate the potential disposition of assets and businesses that may no longer help it meet its objectives

By CBR Staff Writer

HP is considering divesting businesses which are not helping the company achieve its long term goals. HP’s statement was quoted by Bloomberg as saying that the firm will continue to evaluate the potential disposition of assets and businesses that may no longer help it meet its objectives.

"When we decide to sell assets or a business, we may encounter difficulty in finding buyers or alternative exit strategies on acceptable terms in a timely manner, which could delay the achievement of our strategic objectives," HP said.

The announcement came a year after its Chief Executive Officer Meg Whitman announced that there is no plan to spin off the personal-computer division, according to Bloomberg.

The former CEO Leo Apotheker had explored spinnig off the unit which had clocked $35.7bn sales in 2012.

Since September 2011, Whitman had been working to turn around HP after five quarters of weakening sales and management turmoil.

The firm also revealed that the US Justice Department had launched a probe associated with £7.8bn acquisition of UK software firm Autonomy, which has been accused by HP of misrepresenting its performance prior to its acquisition in 2011.

In November 2012, HP had been sued by shareholders claiming that the firm had purposely made misleading statements regarding its controversial Autonomy acquisition.

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