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EXHIBIT 99
Editorial Contacts:
Emily Fox, HP
650.236.5234
[email protected]
Steve Beitler, Agilent
650.857.2387
[email protected]
HP Completes Separation of Agilent Technologies
PALO ALTO, Calif., June 2, 2000 -- Hewlett-Packard Company (NYSE: HWP) announced
that, after close of market today, it will distribute 0.3814 of a share of
Agilent Technologies, Inc. (NYSE: A) common stock as a dividend on each share of
HP common stock outstanding on May 2, 2000, the record date for the
distribution.
On March 2, 1999, HP's board of directors announced its decision to create two
new companies from the existing HP organization. Agilent Technologies launched
its initial public offering of approximately 15.9 percent of its common stock on
Nov. 18, 1999, with HP retaining 84.1 percent of Agilent's common stock.
As a result of the distribution of shares of Agilent Technologies common stock,
Agilent Technologies is now a fully independent company.
Holders of HP common stock will receive cash instead of any fractional shares of
Agilent Technologies common stock that would otherwise be distributed to them in
the distribution. HP received a private-letter ruling from the Internal Revenue
Service stating that the distribution of whole shares of Agilent Technologies
common stock will be tax-free to HP and its stockholders for U.S. federal income
tax purposes.
HP has mailed an information statement relating to the distribution to holders
of HP common stock, which includes details on the distribution, along with
information about Agilent. This information statement also is available at
http://www.hp.com/financials. Stockholders who have questions about the Agilent
Technologies spin-off also may call HP's Information Agent, Corporate Investor
Communications, at (800) 553-4656. Information about Agilent is available at
www.agilent.com or by calling 877-942-4200.
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About Agilent Technologies
Agilent Technologies, Inc. (NYSE: A) is a diversified technology company,
resulting from Hewlett-Packard Company's plan to strategically realign itself
into two fully independent companies. With approximately 43,000 employees
serving customers in more than 120 countries, Agilent Technologies is a global
leader in designing and manufacturing test, measurement and monitoring
instruments, systems and solutions, and semiconductor and optical components.
The company serves markets that include communications, electronics, life
sciences and healthcare. In fiscal year 1999, the businesses comprising Agilent,
then a subsidiary of HP, had net revenue of more than $8.3 billion.
Information about Agilent Technologies can be found on the Web at
www.agilent.com.
About HP
Hewlett-Packard Company -- a leading global provider of computing and imaging
solutions and services -- is focused on making technology and its benefits
accessible to individuals and businesses through simple appliances, useful
e-services and an Internet infrastructure that's always on.
HP has 86,000 employees worldwide and had total revenue from continuing
operations of $42.4 billion in its 1999 fiscal year. Information about HP and
its products can be found on the World Wide Web at http://www.hp.com.
