A well known US company, HP has made a deal to acquire Samsung’s $1bn printer business. HP said this deal will enable them 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. Recently, software HP’s sister company sold its business to UK technology firm Micro Focus.
HP split into two businesses last year; HP Inc, deals in printers and computers and Hewlett Packard Enterprise focuses on data storage.
“When we separated just 10 months ago, it enabled us to become nimble and focus on accelerating growth and reinventing industries,” said of HP Inc. It further said that customers were fed up with broken copiers and this acquisition 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 along with 1,300 work force having expertise in laser printer technology.