Xerox to split into 2 companies

Xerox Corp. is planning to split into two publicly traded companies, according to people familiar with the matter, making the century-old company the latest to slim down and narrow its focus.

Xerox, synonymous with once cutting-edge technology, plans to divide itself into one company containing its hardware operations and another housing its services business, the people said. The company is expected to make the announcement Friday when it reports earnings.

As part of the move, billionaire investor Carl Icahn will get three seats on the services company’s board, the people said. Mr. Icahn in November disclosed a stake that currently stands at more than 8% and said he would seek talks with the copier maker about its future.