Hewlett-Packard Looking to Ditch Businesses Not Meeting Goals
January 2, 2013 12:31 PM
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HP's filing said it may “dispose of a business at a price or on terms that are less desirable than we had anticipated”
Hewlett-Packard (HP) has been
in a tough spot
for some time now, and to hopefully improve that position a bit, the company recently said it's considering disposing of businesses that aren't meeting goals.
HP's December 10-K filing with the U.S. Securities and Exchange Commission stated that the company is currently evaluating "the potential disposition of assets and businesses" that are no longer helping them meet 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,” said Hewlett-Packard.
The filing also said that HP may “dispose of a business at a price or on terms that are less desirable than we had anticipated” and “the impact of the divestiture on our revenue growth may be larger than projected."
HP has endured a bumpy ride over the past years, mainly due to former CEO Leo Apotheker. Back in August 2011, HP announced that it was
abandoning its webOS platform and TouchPad tablets
for good. It had acquired the webOS platform from Palm for $1.2 billion USD only a year previous.
That same month,
HP planned to
sell off its Personal Systems Group (PSG)
, which is responsible for consumer and business PCs.
Later, it was announced that HP was
leaning more toward a spin-off PC business
than a sale.
When current CEO Meg Whitman stepped up to the plate shortly after those baffling announcements, HP ended up not selling its PC unit or having a spin-off. Whitman
kept the PC business in-house
More recently, HP alleged that HP subsidiary
Autonomy's former owners committed approximately
$5B USD in accounting "improprieties"
, which they suggest amount to fraud.
In November 2012, it was reported that HP would
take an $
8.8 billion hit
due to "accounting improprieties."
This article is over a month old, voting and posting comments is disabled
1/2/2013 8:40:38 PM
Let's first ditch the entire upper management and board.
“Then they pop up and say ‘Hello, surprise! Give us your money or we will shut you down!' Screw them. Seriously, screw them. You can quote me on that.” -- Newegg Chief Legal Officer Lee Cheng referencing patent trolls
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