There were rumors that Samsung Electronics would be selling its printer business unit to Hewlett Packard (HP). The South Korean giant has confirmed that it has agreed to sell its printer business unit to HP. The deal size between Samsung Electronics and HP has not been divulged as yet, but industry watchers have put the figure at $1.05 billion. Samsung s printer business will become a new standalone entity on November 1, with HP purchasing a 100 percent stake in the new venture. Under an agreement, Samsung will source printers from HP and continue to market them in Korea under the Samsung brand, the company said in a statement. Also Read - Best battery smartphones under Rs 15,000: Redmi Note 10T, Realme Narzo 30 and moreAlso Read - Upcoming phone launches to expect in August 2021: Redmi 10, iQOO 8, Realme GT, Samsung Galaxy A52s, more
The transaction is part of its efforts to concentrate on its core business areas , Samsung said. Samsung will spin off the printing business unit into a separate company as of November 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, Samsung added. The transaction is expected to close within one year, subject to the appropriate regulatory approvals. Samsung’s printing business has 6,000 employees and a production base in China. It also has more than 50 sales offices globally and posted 2 trillion Korean Won in revenue in 2015, according to the statement.
HP Inc. had recently unveiled the world s first production-ready commercial 3D printing system to bring disruptive manufacturing solutions to markets. With partners such as Nike, BMW and others, HP has taken a major step in reinventing prototyping and manufacturing industry with first commercial 3D printers based on open platform, the company announced at RAPID 2016 , the largest 3D additive manufacturing conference in Florida.