HP to buy Samsung's printer business for $1 billion

September 12, 2016 17:46

IT major HP today said it will acquire Samsung Electronics' printer business in a deal valued at USD 1.05 billion, a move that will allow the US-based company further consolidate its position in the USD 55 billion A3 copier industry.

The acquisition will bring an intellectual property portfolio of more than 6,500 printing patents and a workforce of about 6,000 employees globally, including nearly 1,300 researchers and engineers.

Samsung has key engineering centre in South Korea with operations in the US, India, China, Japan, Russia, Canada, Brazil and other countries.

HP, created as part of the breakup of Hewlett-Packard Colast year, sells personal computers. However, it gets a significant chunk of its profit from supplying ink and toner for the printers it sells.

HP's printing division revenue fell 14 per cent in the latest quarter, while overall sales was down about 4 per cent to USD 11.9 billion.

In India, HP is estimated to have close to 2,000 employees in the printer division, including R&D in Bengaluru.

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