Samsung is selling its Printer division to HP, the company will spin off its printer business into a separate company and this will then be acquired by HP.
The new company will be acquired by HP on the 1st of November and this includes 6,000 employees, a production base in China and 50 sales offices around the world.
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 the Company’s efforts 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 percent stake of the newly created company and overseas assets related to the business to HP.
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.
You can find out more details about the deal between HP and Samsung over at Samsung’s website at the link below.