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HP May Spin-Off PC Group into New Company; CEO Leo Apotheker Comments

Hewlett-Packard Co. (NYSE: HPQ) is considering a wide array of options as it looks to exit the PC market and hone focus on software and cloud computing offerings, the company said in an official release.

The company’s board of directors has authorized the company to evaluate strategic alternatives for HP’s personal services group.

The only option HP has specifically mentioned as of Aug. 19 is a partial or full spin off of the group into a new company.

The evaluation comes as HP announced it will stop producing products running its WebOS operating system, including its TouchPad tablets and webOS phones.

“The exploration of alternatives for PSG demonstrates our commitment to enhancing shareholder value and sharpening our strategic and financial focus, ” said Léo Apotheker, HP president and chief executive officer. “In March we outlined a strategy for HP, built on cloud, solutions and software to address the changing requirements of our customers, shaped heavily by secular market trends that are redefining how technology is consumed and deployed.”

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