Samsung Board Approves Sale of Printer Business to HP; Will Continue to Source Printers from HP
On September 12th, Samsung Electronics’ board of directors met in Seoul, South Korea, to approve the sale of its Printing Business Unit to HP Inc. and called an Extraordinary General Meeting of Shareholders in October to approve the spin‐off of the business.
The sale will include Samsung’s entire global printer operations and assets to HP Inc. for $1.05 billion. Samsung says the sale is part of its strategy to focus on its core business areas.
Samsung will spin-off the Printing Business Unit into a separate company as of November 1st 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.
Under the agreement, Samsung will source printers from HP and continue to market in Korea under the Samsung brand. The transaction is expected to close within one year, subject to the appropriate regulatory approvals.
Samsung’s printing business, with 6,000 employees, a production base in China, as well as more than 50 sales offices globally, posted 2 trillion Korean won in revenue in 2015.