HP today announced that it has completed its evaluation of strategic alternatives for its Personal Systems Group (PSG) and has decided the unit will remain part of the company after all.

“HP objectively evaluated the strategic, financial and operational impact of spinning off PSG. It’s clear after our analysis that keeping PSG within HP is right for customers and partners, right for shareholders, and right for employees,” said Meg Whitman, the new HP president and chief executive officer. “HP is committed to PSG, and together we are stronger.”

The move comes after a shock announcement in August where the company, then commanded under a different CEO, said that it might sell off the popular and profitable division that looks after PCs, laptops, smartphones, and tablets.

The decision by CEO Whitman is understandable. HP is the number one manufacturer of personal computers in the world with revenues totaling $40.7 billion in 2010.

“As part of HP, PSG will continue to give customers and partners the advantages of product innovation and global scale across the industry’s broadest portfolio of PCs, workstations and more,” said Todd Bradley, executive vice president, Personal Systems Group, HP. “We intend to make the leading PC business in the world even better.”

As for webOS, Whitman and Bradley have said that HP has yet to make a final decision as to the fate of the operating system.

According to the pair, the company will make a decision in the next couple of months.