Hewlett-Packard Co.'s Chairman and CEO Lew Platt announced plans to spin off a yet-to-be-named measurement company, divided it from the conglomerate's computer and imaging business.

Platt said the moves are intended to "sharpen the strategic focus of our businesses, improve their agility, and increase their responsiveness to customers and partners." Platt also announced that he will step down as part of the reorganization of the company.

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