Hewlett-Packard Co plans separate its computer and printer businesses from its corporate hardware and services operations, the Wall Street Journal reported on Sunday. The company is expecte dto make an official announcement on the matter on Monday, the Journal added. The division would be made through a tax-free distribution of shares to stockholders next year, according to the report.

The move was expceted as it was previously discussed by HP's investors in order to restructure to keep up with technology upstarts.

Many investors have also called for a a sale of the personal computer business, so that HP could focus on the more profitable operation. In 2011, Chief Executive Officer Meg Whitman ended efforts by her predecessor Leo Apotheker to spin off the PC unit.

Whitman has been introducing new products and cutting jobs to trim costs since she took over as CEO in September 2011, seeking to turn around the Silicon Valley company. Hewlett-Packard has fallen behind in mobile computing at a time when consumers have migrated to smartphones and tablets, and last year lost its place as the largest maker of PCs to Lenovo.