Samsung today announced that they’ve reached an agreement with HP to sell its printer business to the American company. The deal is valued at $1.05 billion, which HP reckons will help them to “disrupt and reinvent the $55 billion copier industry” by investing in multifunction printer (MFP) technology.
Samsung will spin off the printing business unit and sell the complete business to HP, which includes 6000 employees, production base in China as well as more than 50 sales offices globally. Interestingly, Samsung will still compete in the Korean market as they’ll source the printers from HP and sell it under their brand name.
Samsung says the transaction will help them concentrate on their core business areas.
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