Agilent Technologies to split into two companies

Agilent Technologies has announced that it will be separating into two standalone businesses in a move that will help to increase its strategic flexibility.

The first of these publicly-traded companies will retain the Agilent name and will focus its operations on life sciences, diagnostics and applied markets, while the second will encompass Agilent's current portfolio of electronic measurement products.

William Sullivan will continue as Agilent's president and chief executive officer, with Didier Hirsch acting as chief financial officer, while the new electronics measurement business will be led by Ron Nersesian and Neil Dougherty.

The move will allow each of the new businesses to focus more intensively on their chosen market, with the spinoff process set to be completed by the end of 2014.

Mr Sullivan said: "Agilent has evolved into two distinct investment and business opportunities and we are creating two separate and strategically-focused enterprises to allow each to maximise its growth and success."

This comes as part of a series of restructuring efforts that have also seen Robert Cantrell named as the firm's vice president and treasurer.