HP to buy Samsung's printer business for $1.05B

Samsung has confirmed that it plans to sell its printer business to HP in a deal worth $1.05 billion. HP will buy a big printing presence in Asia, as well as Samsung's laser printing technology and patents. Samsung's printer business includes more than 6,500 printing patents.

"When we became a separate company just 10 months ago, it enabled us to become nimble and focus on accelerating growth and reinventing industries," Dion Weisler, president and CEO of HP, said in a statement. "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."

HP will inherit 6,000 Samsung employees once the deal closes. Of those 6,000 employees, nearly 2,000 are research and development engineers, 1,000 are sales and support staff, and the rest work in service and manufacturing.

The deal is expected to close within a year.

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