Samsung to sell the printer business to HP for $1.05 billion

Following rumors that done a rounds final week, Samsung has now confirmed that it intends to sell a printer business to HP in a understanding value $1.05 billion.

Samsung’s house of directors authorized a sale of a Printing Business Unit during a assembly in Seoul today, and a follow-up assembly with shareholders is scheduled for October. If given a go-ahead by shareholders, Samsung says it will spin off a printer business into a new standalone entity on Nov 1, with HP purchasing a 100 percent interest in a newly shaped company. Samsung will afterwards source a printers from HP and continue to marketplace them underneath a Samsung code in Korea.

Today’s news comes less than a year after a former Hewlett-Packard apart into dual entities — Hewlett Packard Enterprise and HP.

“When we became a apart association only 10 months ago, it enabled us to turn nimble and concentration on accelerating expansion and reinventing industries,” pronounced Dion Weisler, boss and CEO of HP, in a press release. “We are doing this with 3D copy and a intrusion of a $12 trillion normal prolongation industry, and now we are going after a $55 billion copier space. The merger of Samsung’s printer business allows us to broach imitation creation and emanate wholly new business opportunities with distant improved efficiency, security, and economics for customers.”

Today’s news comes only a few weeks after HP kick estimates with reported Q3 revenues of roughly $12 billion, yet a printing business wasn’t looking too hot. Its total showed that income from printers was down around 14 percent on a prior year, however, Weisler remarkable that a rate of decrease in printers was negligence in comparison to prior quarters.

Samsung, meanwhile, is now confronting a feverishness over a faulty Galaxy Note 7 devices, with shares descending to their lowest in months this morning following steady warnings from regulators about a phone’s fire-prone battery.

Samsung’s copy business now employs around 6,000 people and includes a prolongation heart in China and some-more than 50 sales offices around a world. After a common regulatory approvals, Samsung says it expects a full transaction to tighten “within one year.”

HP is an American multinational information record house headquartered in Palo Alto, California, USA that provides products, technologies, softwares, solutions and services to cons… All HP news »

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Samsung Group is a South Korean multinational firm association headquartered in Samsung Town, Seoul. It comprises countless subsidiaries and dependent businesses, many of them joined und… All Samsung news »

Track Samsung’s Landscape to stay on tip of a industry. Access a whole ecosystem, lane creation deals. Learn more.

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