HP the US computer giant has struck a deal with Samsung to take over their printer business (£750m).
HP have said “The acquisition would help to disrupt and reinvent the $55bn copier industry, a segment that hasn’t innovated in decades”
HP are also buying big printer presences in Asia as well as Samsung’s laser printing technology and patents. This deal comes days after HP’s sister company had sold its software business to the rising UK tech champion Micro Focus.
Dion Weisler, chief executive of HP Inc. has said “When we become a separate company just 10 months ago, it enabled us to become nimble and focus on accelerating growth and reinventing industries.”
“Copiers are outdated, complicated machines with dozens of replaceable parts requiring inefficient services and maintenance agreements”said HP Inc.
They have also added that customers were frequently getting frustrated with the broken copiers and the deal would help HP to invest in better technology.
The Samsung printer business made $1.4bn in revenue over the last year and this includes more than 6,500 printing patents as well as nearly 1,300 staff with expertise in laser printer technology.