HP confirmed reports it will split into two companies, so it can better compete against its rivals.

The two businesses will be HP Inc., which will sell PCs and printers, and Hewlett-Packard Enterprise, which will handle technology infrastructure, services and software for corporations. The split will happen around the end of October 2015. Investors will become shareholders of both companies.

HP CEO Meg Whitman said the move was part of the company’s turnaround plan.

“It will provide each new company with the independence, focus, financial resources and flexibility they need to adapt quickly to market and customer dynamics while generated long-term value for shareholders,” Whitman said in a press release.

On Monday, HP said it believes HP Inc., would have $57 billion in revenue, with a $5 billion operating profit, according to a document on its website. HP Inc. would sell products like laser-printers and notebooks. It would also use the HP’s existing logo.

Meanwhile, the company estimates Hewlett-Packard Enterprise would have $58 billion in revenue with a $6 billion operating profit. The enterprise firm would focus on products like servers and storage.

Under the new structure, Whitman will become CEO and president of Hewlett-Packard Enterprise. HP’s CFO Cathie Lesjak would move over to the same position in Hewlett-Packard Enterprise. Pat Russo, an HP board member, would serve as chairman of the enterprise-focused company.

Dion Weisler, currently executive vice president of HP’s printing and personal systems division, will become CEO of HP Inc. Whitman will serve as the chairman of that business.

Some analysts told The Chronicle on Sunday that HP’s split was necessary for it to better compete against its rivals at a time when more people are using smartphones and there is less demand for PCs.

Investors seemed to respond positively to the news. HP’s stock was trading at $36.76 on Monday morning, up $1.56 a share.