Hewlett-Packard confirmed on Monday that it will split the company into two new corporations, one focused on PCs and printers and the other on its enterprise businesses.

News of the split was first reported by the Wall Street Journal on Sunday. On Monday, HP disclosed in a filing with the U.S. Securities and Exchange Commission that it would proceed with the plan, which is expected to be completed by the end of the fiscal year 2015.

“Our work during the past three years has significantly strengthened our core businesses to the point where we can more aggressively go after the opportunities created by a rapidly changing market,” said HP chief executive Meg Whitman in a press release. “The decision to separate into two market-leading companies underscores our commitment to the turnaround plan.”

HP’s split arrives less than a week after eBay’s decision to spin-off PayPal into a separate, public company.

In addition, the company said it would increase a previous layoff plan announced under Whitman by 5,000 employees, bringing the total to 55,000.