(9 days left!) Be the first with a 200MP camera! Visit Samsung to reserve and gain $100 in Samsung credit!

SamMobile has affiliate and sponsored partnerships. If you buy something through one of these links, we may earn a commission. Learn more.

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

General
By 

Last updated: September 12th, 2016 at 11:28 UTC+02:00

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.

Source General HPPrinter
Load 4 comments

You might also like

Samsung collaborates with Intel, HP, and SK Telecom in commercializing 5G virtual networks

SK Telecom announced earlier today that it has joined hands with Intel, HP, and Samsung to commercialize 5G virtual networks. The companies have collaborated for the development, deployment, and establishment of virtualization process standards. Recently, Samsung had started offering 5G vRAN (Virtualized Radio Access Network) solutions to network carriers for easier cost and network optimizations. As […]

  • By Asif Iqbal Shaik
  • 2 years ago

Samsung’s printer business sale to HP approved by China

Samsung announced in September last year that it had decided to sell it printer business to HP for $1.05 billion. Samsung’s printer business sale was part of the company’s restructuring efforts. It wanted to free up cash and focus more on its core businesses. This decision freed up about a billion dollars for the company […]

  • By Adnan Farooqui
  • 5 years ago

Samsung creates new entity for printer division prior to acquisition by HP

Samsung announced about a month ago that it had agreed to sell its printing division to HP for $1.05 billion. The move comes amid restructuring efforts over at Samsung as the company seeks to free up cash and focus more on its core businesses. The sale will help the company do just that while it’s […]

  • By Adnan Farooqui
  • 6 years ago

Samsung unveils ‘The Next Big Thing’ in the printing industry

Samsung held its annual European Printing Partner Summit from 8th – 9th June in Budapest, Hungary to unveil ‘The Next Big Thing in Printing Solutions.’ The company presented its strategy, highlighted key developments over the past one year, and gave insights on global printing solution trends. Samsung highlighted its complete range of smart printing solutions, printing […]

  • By Asif Iqbal Shaik
  • 7 years ago

Silicon Valley companies take Samsung’s side in Apple lawsuit

A new development in the Samsung-Apple patent battle now involves the biggest companies of Silicon Valley. Facebook, Google, Dell, HP & eBay are all taking Samsung’s side in this lawsuit with a petition to the federal appeals court. The petition is meant to spare Samsung from paying the patent infringements caused by the Galaxy devices. […]

  • By Octav G.
  • 8 years ago