Thursday, September 15, 2016 12:15 pm

NEW YORK (From TheStreet) -- RR Donnelley (RRD) announced late Wednesday that its board approved the company's plan to split into three publicly-traded companies.

In addition to RR Donnelley, LSC Communications will operate as a publishing and retail print services company trading on the New York Stock Exchange under the symbol LKSD. Donnelley Financial Solutions, a financial communications and data services company, will trade on the NYSE as DFIN.

The separation will be completed on October 1, according to a statement from the Chicago-based company.

"By operating as three independent companies, we believe the new RRD, LSC Communications and Donnelley Financial will each be able to leverage our shared history of innovation while being better positioned to capitalize on new opportunities in their respective markets," CEO Thomas Quinlan stated.

RR Donnelley shareholders of record as of September 23, the record date for the distribution, will receive one share each of LSC and Donnelley Financial stock for every eight shares of RR Donnelley stock held.

Additionally, the company approved a reverse one-to-three stock split of RR Donnelley shares effective immediately after the distributions on October 1.