Samsung is officially selling its printer business to HP for $1.05 billion. The South Korean giant aims "to concentrate on its core business areas," while HP sees it as a way "to disrupt and reinvent the $55 billion copier industry, a segment that hasn't innovated in decades."
Samsung's printer division will become a separate company come November 1, and then it'll be sold to HP. Currently, it employs 6,000 people and has a revenue of $1.8 billion in 2015.
Additionally, HP will get Samsung's over 6,500 printer-related patents as well as 1,300 engineers and researchers. Samsung won't stop selling printers with its own brand in South Korea, but they'll be manufactured by HP.
Samsung Electronics generates over $300b a year in revenue. Which other electronics company even comes close to this???
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