SJMN is reporting at:

   http://www.sjmercury.com/breaking/docs/hp030299.htm

Excerpting:

> Computer maker Hewlett-Packard Co., looking to bolster profits
> from a diverse group of businesses, will split itself into two separate
> publicly-held corporations.

> One company will include Hewlett-Packard's computer and imaging
> businesses, while the second will include its testing and measuring,
> components, chemical analysis and medical segments.

Note that in addition to the Instruments group, they are jettisoning
the Medical, Component, and other non-computer/imaging groups.

HP appears to be eliminating the 10-15% of the company that is not in
the "high profit / return on investment" category.  IMNSHO, this is a
really bad idea as much of the technical innovation within HP has
always come out of these groups.  It's not clear what will happen to
the HP Labs basic research people.

> Current shareholders would continue to own their stock in the
> computer and imaging business, which will remain under the
> Hewlett-Packard name. A name has not yet been chosen for the
> testing and measuring, components, chemical analysis and medical
> company.

> Hewlett-Packard chief financial officer Robert Wayman said the
> company does not expect significant layoffs as a result of the
> restructuring. Any job cuts would be expected to be achieved through
> transfers and attrition, he said.

So for people on this list, the "Hewlett-Packard" that you're familiar
with is not going to be changing very much it sounds like.  That is, all
of the computer groups will stay together in essentially the same
configuration that they are in now (at least until the first big reorg
after the split is complete :-)

G.