Xerox is set to split into two companies, with one focusing on its hardware business ("Document Technology") and another specializing in its outsourcing service business, according to the Wall Street Journal , citing anonymous sources.

The move is set to be formally announced as part of the company’s quarterly earnings on Friday.

The schism comes just two months after Carl Icahn, a noted billionaire investor, announced that he had acquired an eight percent stake in the company. Consequently, he will now control three seats on the company’s board.

Xerox, which employs over 147,000 people worldwide, has made annual profits of around $1 billion each of the last three years, financial records show.

The company recently won a notable contract with the Florida Department of Transportation to process toll transactions.