NEW YORK (CNNMoney) — Hewlett-Packard is taking a hatchet to its business and doing some radical restructuring.

The company said Thursday that it is looking to spin off its industry-leading but struggling personal computer business. HP also killed off the TouchPad tablet it launched last month, as well as its webOS smartphone line.

The move essentially leaves for dead the webOS software HP got by acquiring Palm last year, though the company said it will continue trying to “optimize the value” of its purchase. Though the move was unexpected, it’s not all that surprising: Despite a huge marketing campaign, TouchPad sales struggled so much that HP almost immediately cut the tablet’s price by $100. HP said none of its webOS products reached the company’s internal sales targets.

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Open Text(TM) Corporation (NASDAQ: OTEX, TSX: OTC), a global leader in Enterprise Content Management (ECM), today announced that the Ministry of Government Services, representing the Government of Ontario, has established a 10-year contract for ECM solutions from Open Text, Canada’s largest software company.

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