After determining it has "evolved into two distinct investment and business opportunities,"  scientific instrument maker Agilent Technologies (A 3.95%) announced today that it intends to split into two, publicly traded companies.

Following the split, one of the companies will specialize in life sciences, diagnostics, and applied markets and retain the Agilent name, while the other will be comprised of its current portfolio of electronic measurement (EM) solutions. The "new" Agilent will generate an estimated $3.9 billion in revenues in fiscal 2013, and EM is expected to have fiscal 2013 annual revenue of approximately $2.9 billion, the company said.

Agilent shareholders will receive a pro-rata distribution of shares in the new EM company in what Agilent says will be a tax-free transaction. The deal is not expected to impact Agilent's 2013 earnings guidance, according to its statement.

Bill Sullivan will remain in his role as president and CEO of Agilent following the split, as will current CFO Didier Hirsch. Agilent President and COO Ron Nersesian has been named EM's new president and CEO, and will also be EVP of Agilent, following the spinoff.

Commenting on the appointment of Nersesian as EM's president and CEO, Sullivan said "He has an excellent track record of running this business, and he has the vision and expertise to position the new company for accelerated growth and success."

The spinoff of Agilent's EM business is expected to close by the end of 2014, subject to customary closing conditions.

Santa Clara, Calif.-based Agilent, which was itself spun off from Hewlett-Packard in 1999, has had five major spinoffs since 2005.

-- Material from The Associated Press was used in this report.