Hewlett-Packard to split into two public companies, lay off 5,000

HP SPLITS INTO TWO: A Hewlett-Packard logo is seen at the company's Executive Briefing Center in Palo Alto, California.

Hewlett-Packard Co said it would split into two listed companies, separating its computer and printer businesses from its faster-growing corporate hardware and services operations, and eliminate another 5,000 jobs as part of its turnaround plan.

HP said its shareholders would own a stake in both businesses through a tax-free transaction next year. Each business contributes about half of HP's revenue and profit.