SANTA CLARA, CA -- Agilent Technologies will split into two publicly traded companies, one focus on life sciences, diagnostics and applied markets and the other on electronic measurement products. The breakup is scheduled to be completed by the end of 2014.

"Agilent has evolved into two distinct investment and business opportunities, and we are creating two separate and strategically focused enterprises to allow each to maximize its growth and success," said Bill Sullivan, Agilent president and CEO.

The life sciences unit will retain the Agilent name, while the new "EM" company will be rebranded. The company's FY13 estimated EM revenues are $2.9 billion.

Ron Nersesian, Agilent's president and chief operating officer, has been named president and CEO-designate of the new EM company, effective immediately. Neil Dougherty, who has been Agilent's vice president and treasurer, has been named CFO-designate.

"The board and I believe Ron is the right leader for the new company," said Sullivan. "He has an excellent track record of running this business, and he has the vision and expertise to position the new company for accelerated growth and success." Sullivan will remain president and CEO of Agilent, and Didier Hirsch continues as CFO.

The separation is expected to occur through a tax-free pro rata spinoff of the EM company to Agilent shareholders.

Agilent said in a press release that the separation would result in material benefits to the standalone companies, including greater focus on their core products. The EM industry tends to be more cyclical, Agilent noted; by splitting the company, Agilent lessens its risk.

Agilent was itself spun off from Hewlett-Packard in 1999.

TAGS: Agilent, breakup, life sciences, diagnostics, electronic measurement

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