Symantec To Split Into Two

(RTTNews) - Symantec Corp. (SYMC) said Thursday that its Board of Directors has approved a plan to separate the company into two, independent publicly traded companies: one business focused on security and one business focused on information management.

The company's security business generated revenue of $4.2 billion in fiscal year 2014. The security business will include: consumer and enterprise endpoint security; endpoint management; encryption; mobile; Secure Socket Layer Certificates; user authentication; mail, web and data center security; data loss prevention; hosted security; and managed security services.

Symantec's information management business generated revenue of $2.5 billion in fiscal year 2014. The information management business will include: backup and recovery; archiving; eDiscovery; storage management; and information availability solutions.

Michael Brown will be the President and CEO of Symantec and Thomas Seifert will continue to serve as CFO. John Gannon will be General Manager of the new information management business and Don Rath will be its acting CFO.

The company expects to complete the spinoff by the end of December 2015.

The company expects to incur separation and restructuring charges through the completion of the deal as it works to separate the two businesses.

Symantec reiterated the September quarterly guidance as stated on its August earnings call.