HP buys Samsung's printer business for $1 billion
HP has a plan to offset its declining printer revenue: Buy the printing business of Samsung Electronics.
It hopes the deal, valued at $1.05 billion, will help enlarge its position in the market for photocopiers, which it values at $55 billion annually.
The key to this, HP says, is Samsung's portfolio of multi-function laser printers, capable of handling A3 paper.
Along with the printers, HP will also acquire a portfolio of 6,500 printing patents and a staff of 6,000, including 1,300 researchers and engineers.
In buying Samsung's laser printing expertise, HP could be seeking to reduce its reliance on Canon, which today supplies all HP's laser printer mechanisms and cartridges. Canon and HP said their existing partnership will continue, however.
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