US computer giant HP has struck a deal to take over Samsung’s $1bn (£750m) printer business.
HP said the acquisition would help it to “disrupt and reinvent” the $55bn copier industry, a segment that “hasn’t innovated in decades”.
It is buying a big printing presence in Asia, as well as Samsung’s laser printing technology and patents.
The deal comes days after HP’s sister company sold its software business to rising UK tech champion Micro Focus.
Hewlett-Packard split into two businesses last year: HP Inc, which focuses on printers and computers; and Hewlett Packard Enterprise, which sold its software business to focus on data storage.
“When we became a separate company just 10 months ago, it enabled us to become nimble and focus on accelerating growth and reinventing industries,” said Dion Weisler, chief executive of HP Inc.
HP Inc said: “Copiers are outdated, complicated machines with dozens of replaceable parts requiring inefficient service and maintenance agreements.”
It added that customers were frequently frustrated with broken copiers and the deal would help HP invest in better technology.
Samsung’s printer business made $1.4bn in revenue last year and includes more than 6,500 printing patents as well as nearly 1,300 staff with expertise in laser printer technology.
Meanwhile, shares in Samsung fell 9% after it urged customers to hand in Galaxy Note 7 phones as they risk exploding.
Source: BBC
