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Samsung sells its printing business to HP for over $1 billion

Samsung today announced that it has reached an agreement to sell the entire global operations and assets of its printing business to HP in a deal valued over $1 billion. The company says that this deal is part of its efforts to focus more on its core business areas. With the approval of shareholders, Samsung will spin off the Printing Business Unit into a separate company and then sell a 100 percent stake in the newly created company and its overseas assets to HP. Both companies expect the transaction to close within one year after receiving the appropriate regulatory approvals. This deal gives Samsung the right to source printers from HP and continue to sell them in South Korea under the Samsung brand.

Samsung reportedly decided to sell its printing business due to tough competition from rivals like Canon, Epson and obviously HP. It decided to get out of this business to focus more on its smartphone, memory chip and TV business. HP will get 6,000 new employees once the deal is closed by the second half of next year. Almost 2,000 of them are research and development engineers while 1,000 are sales and support staff. The rest work in manufacturing and service. This deal will immediately give HP a big presence in Asia’s printing market aside from Samsung’s laser printing technology and its over 6,500 printing technology patents.

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elrvengador
elrvengador

At least they should give the software to reset the paper count on their toner chips, because people who bought their printers won’t have any options to get supplies. I bought a printer and now I don’t know if I would be able to get toner in the future (2 or 3 years).

Please I need to reset the CRUM of the toner of my M2070

eHoolie
eHoolie

Need a little extra cash do ya, Samsung? Hmm…

India1
India1

Samsung is the most unreliable big company in the world. All they want os just profit, nothing else. Few things to support my argument: 1. Remember Samsung Hubs? 2. And ChatOn? 3. Milk Music 4. Milk Video How can you ever trust a company with such a poor tract record. Now I don’t even look at any new service launched by Samsung..because I know it will be shut down sooner or later. Okay agreed they were just services and I can pardon Samsung for it for some extent. But what about these 5. Laptops gone (Except in US maybe) 6.… Read more »

perfectsolo
perfectsolo

Profit has always been the main aim of establishing businesses. If there is no profit at present and no view of profit in near or long future, you must have to give up. Better sell the business than have it go bankrupt and lose all.