MOUNTAIN VIEW, USA: Symantec Corp. announced that its Board of Directors has unanimously 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 (IM).
Symantec’s decision to pursue a separation follows an extensive business review of the company’s strategy and operational structure. Creating two standalone businesses will allow each entity to maximize its respective growth opportunities and drive greater shareholder value.
“As the security and storage industries continue to change at an accelerating pace, Symantec’s security and IM businesses each face unique market opportunities and challenges. It has become clear that winning in both security and information management requires distinct strategies, focused investments and go-‐to market innovation,” said Michael A. Brown, Symantec president and CEO.
“Separating Symantec into two, independent publicly traded companies will provide each business the flexibility and focus to drive growth and enhance shareholder value.”
The separation will allow each company to:
* Focus on its unique growth opportunities, R&D investments, and go-‐to-‐market capabilities.
* Reduce operational complexity.
* Enhance strategic flexibility, pursue partnerships, and develop independent M&A strategies.
* Set distinct capital allocation policies.
Brown continued: “Taking this decisive step will enable each business to maximize its potential. Both businesses will have substantial operational and financial scale to thrive.”