08.10.2014 17:57:23
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Bloomberg: Symantec To Explore Split Into Security, Storage Businesses
(RTTNews) - Security software maker Symantec Corp (SYMC) is exploring plans to split itself into two entities, the security and storage businesses, following the appointment of the new CEO Michael Brown, according to a Bloomberg report on Tuesday. The company is expected to make an official announcement on the split over the next few weeks.
Mountain View, California-based maker of Norton anti-virus software is looking to separate its business that sells security software from the other business that deals with data storage.
The move will see Symantec joining the list of large technology companies that have recently split their businesses or in the process of splitting. Symantec have in the past also explored splitting the company, but then went on to drop the idea. However, the support for the latest move comes from Brown.
Most recently, Hewlett-Packard Co. (HPQ) earlier in the week announced plans to split into two new independent publicly traded companies, comprising Hewlett-Packard Enterprise, and HP, Inc. It will spin-off the personal computer and printers businesses into a separate entity, with the corporate hardware and services businesses being the other entity.
EBay, Inc. (EBAY) in late September said it will spin-off its PayPal digital-payments unit from the marketplace business by the end of 2015.
Symantec had in April reportedly hired JPMorgan Chase & Co. to explore strategic options immediately after Brown was named interim CEO following the terminations of Steve Bennett after two year at the helm. Brown joined the Symantec board after the company's merger with data-storage maker Veritas Software Corp. in July 2005.
Symantec said the exit of Bennett follows an ongoing deliberative process and was not due to any event or impropriety.
Symantec has laid off workers and streamlined its business to soften the impact of weak PC sales that have impacted demand for its anti-virus software. The company has been battling with falling sales for the past quarters.
In Wednesday's regular trading session, SYMC is currently trading at $23.37, up $0.20 or 0.86% on a volume of 3.39 million shares.
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