last week rumors about samsung and hp were entertained, Samsung has now verified that Samsung plans to auction its printer business to HP in an agreement worth $1.05 billion.
Today Samsung’s board of directors confirmed the deal of its Printing Business Unit in a conference in Seoul, and a meeting of stockholders is programmed in October for rechecking of a decision. If stockholders allowed the company to stay on decision, On November 1 Samsung states it will turn off its printer business into a different standalone company, with HP buying a 100 percent pale in the freshly established company. Samsung will then root its printers from HP and proceed to barter them under Samsung brand in Korea.
Almost it takes a year for Today’s news to be published, the previous Hewlett-Packard divided into a couple of entities: The Hewlett Packard Enterprise and HP.
In a press release Dion Weisler, president and CEO of HP said:
“When we became a separate company just 10 months ago, it enabled us to become nimble and focus on accelerating growth and reinventing industries. We are doing this with 3D printing and the disruption of the $12 trillion traditional manufacturing industry, and now we are going after the $55 billion copier space. The acquisition of Samsung’s printer business allows us to deliver print innovation and create entirely new business opportunities with far better efficiency, security, and economics for customers.”
Today’s news appears just a few weeks after HP beat expectations almost $12 billion, but its printing business was not seeming very hot. Its numbers pointed that income from printers was declined about 14 percent over the past year, Although, Weisler remarked that the flow of decay in printers was lagging in relation to preceding quarters. Samsung is currently enduring the heat regarding its Faulty Galaxy Note 7, with share declining to their inferior.
Samsung’s printing business currently manipulates nearby 6,000 people and comprises production hub in China and more than 50 sales buildings around the world. After the normal regulative permissions, Samsung states it requires the full performance to finish “within one year.”