The maker of printer ink which is more expensive than gold, HP is going to cut itself in two and separate its PC and printer businesses from its corporate hardware and services operations.

Ironically, this was the idea which cost its former CEO, Leo Apotheker, his job when shareholders revolted. Of course, if they knew what a lemon his Autonomy idea was they would have been more revolting much earlier. The move is expected to be announced today. HP will be split through a tax-free distribution of shares to stockholders next year.

If the division goes off as planned, it would give rise to two publicly traded companies, each with more than $50 billion in annual revenue. It is expected that this could be the first phase in a plan which could see HP’s hardware business merged with another player, such as EMC. A similar idea was being looked at earlier in the year but fell through. If HP is split, then such a deal looks more likely.

The plan is that Meg Whitman will be chairman of the PC and printer business and CEO of the separate, so-called enterprise company. Current lead independent director Patricia Russo will be chairman of the enterprise company, while Dion Weisler, an executive in the PC and printer operation, is to be CEO of that business.