Samsung to Withdraw from Printer Manufacturing Once Printer Business Acquired by HP
According to Business Korea, in 33 years, Samsung’s printer business – spun off from Samsung Electronics and now called S-Printing Solution Corporation, which is slated to be acquired by HP Inc. later this year – will now longer be in business.
According to Business Korea, HP Inc. will acquire Samsung’s printer business as early as next month. However, HP Inc. will continue selling Samsung printers in South Korea under the Samsung brand name for the second half of this year.
According to the newspaper, HP Inc. purchased Samsung’s printer business for $1.05 billion (1.12 trillion won) on July 2nd. HP is currently said to be waiting for regulatory approval from authorities in both the United States and South Korea. Once it obtains approval, it will sell Samsung printers, copiers, and their supplies under the HP brand name.
According to Business Korea, once the merger is completed: “Samsung will completely pull out of the printer-manufacturing business.” It will though sell HP printers under the Samsung brand name in South Korea – something HP is said to have asked for, since the Samsung name has strong brand recognition in South Korea.
Some 6,000 S-Printing Solution employees will become HP Inc. employees, and remain in their offices in South Korea. They will have an “employment guarantee” of five years.
After the merger is complete, HP Inc.’s global printer market share is estimated to be 36.9 percent share, and 4.2 percent in South Korea – the latter of which is over twice as much as Canon’s share in South Korea.
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- November 2016: Samsung Forms ‘S-Printing Solution’ Company Prior to Sale to HP; Compensates Samsung Employees for ‘Job Security’ Issues
- October 2016: Canon Discusses Implications of HP’s Acquisition of Samsung Printer Business
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- September 2016: Samsung Board Approves Sale of Printer Business to HP; Will Continue to Source Printers from HP
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