SEOUL Samsung sells printing unit to HP
SAMSUNG Electronics will sell its printer business to US computer maker HP as the South Korean giant accelerates restructuring efforts amid a generational power transfer in the founding Lee family.
HP said it will buy the unit for US$1.05 billion and that the deal will boost growth opportunities in the copier segment, while Samsung made clear the transaction was “part of the company’s efforts to concentrate on its core business areas and concerns”.
Samsung’s printing unit has 6000 employees and posted total revenue of 2 trillion won ($1.8 billion) in 2015.
Samsung Electronics – the world’s largest smartphone maker that also produces home appliances and memory chips – is a flagship unit of the Samsung Group.
The group, currently chaired by Lee Kun-Hee, has merged, broken out or newly listed some of its key units in recent years as Lee senior prepares to hand over the reins to his son and company vice chairman J.Y. Lee. –