Hewlett-Packard will take over Samsung’s printer business, valued at $1.05 billion. This acquisition will help computer giant firm HP to bring more than 6,500 patents of printing and 6,000 employees from all around the world which includes 1,300 researchers and engineers.
Last year HP got separated into two business where HP Inc controlled the printers and computers business and Hewlett-Packard Enterprise took charge of the software business and focused on data storage.
“When we became a separate company just 10 months ago, it enabled us to become nimble and focus on accelerating growth and reinventing industries,” said Dion Weisler, HP Inc’s chief executive.
After closing this transaction within 12 months, HP informed that Samsung will be investing USD 100-300 million through equity in open market purchases.
Due to outdated copiers and machines that require inefficient service and maintenance agreements, HP said that customers were frequently distressed and so, this deal would enable them to invest in advanced technology.
The deal will also help HP to serve their customers better in the global laser printing market, where it has mutual beneficial partnership with its printing engine suppliers, Canon, in its current product line.
News Source: BBC – http://www.bbc.com/news/business-37337989