© mailthepic dreamstime.com Electronics Production | September 12, 2016
Samsung selling its printing business unit to HP
Samsung Electronics has reached an agreement to sell the entire global operations and assets of its printing business to HP. This transaction is part of a move to concentrate on its core business areas.
Samsung will spin off the Printing Business Unit into a separate company as of Nov. 1 upon the approval of shareholders, and sell a 100% stake of the newly created company and overseas assets related to the business to HP. The US company will acquire the Samsung business unit for USD 1.05 billion. Under the agreement, Samsung will source printers from HP and continue to market in Korea under the Samsung brand. The transaction is expected to close within one year, subject to the appropriate regulatory approvals. The printing business, with 6’000 employees, a production base in China as well as more than 50 sales offices globally, posted KEW 2 trillion (EUR 1.6 billion) in revenue in 2015. Samsung’s printer business also brings an intellectual property portfolio to HP consisting of more than 6'500 printing patents and a workforce that includes nearly 1'300 researchers and engineers with expertise in laser printer technology, imaging electronics, and printer supplies and accessories to support continued innovation in print market solutions.