Intel is planning to spin off its networking unit as the struggling chipmaker looks to shed assets and cut costs under the direction of new CEO Lip-Bu Tan, according to a Friday report.

Intel is planning to separate its networking and communications unit into a stand-alone company and has begun the process of identifying investors, the chipmaker said on Friday, as new CEO Lip-Bu Tan looks to streamline its operations.

Intel has already shifted its Edge business into its Client Computing Group (CCG), while its NEX unit was dismantled, with its networking elements integrated into both CCG and Data Center and Artificial Intelligence group (DCAI). The NEX unit had previously been floated as a potential divestiture.