HP buying Samsung Electronics’ printer business for $1.05 billion
HP Inc. is buying Samsung Electronics Co.’s printer business in a deal worth $1.05 billion.
HP said Monday that it is the largest print acquisition in the Palo Alto company’s history and that it will help it go from traditional copiers to multifunction printers. HP also said the deal will strengthen its position in laser printing, which it established with Canon.
Samsung’s printer business includes more than 6,500 printing patents.
The deal is expected to close within a year. In South Korea, where Samsung is based, printers manufactured by HP will be sold under the Samsung brand.
HP shares rose 3% to $14.49.
Last year, HP split off its operations focused on selling business technology products, creating Hewlett Packard Enterprise Co.; HP retained its personal computer and printer operations. At its height, the combined HP generated more than $100 billion in annual revenue.
Dion Weisler, president and chief executive of HP, said in a statement Monday that the split “enabled us to become nimble and focus on accelerating growth and reinventing industries.â€
“The acquisition of Samsung’s printer business allows us to deliver print innovation and create entirely new business opportunities with far better efficiency, security and economics for customers,†Weisler said.
Samsung described the sale as part of its “efforts to concentrate on its core business areas.†Divestment is not a new strategy for Samsung. In 2014, the company sold stakes in four chemical and defense firms for $1.72 billion.
A Times staff writer contributed to this report.
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UPDATES:
3:50 p.m.: This article was updated with additional information.
This article was originally published at 6:50 a.m.
