Samsung Electronics Announces Divestment of Printing Business Unit
Samsung Electronics’ Board of Directors, meeting in Seoul on Sept. 12, approved the sale of its Printing Business Unit to HP Inc. and called an Extraordinary General Meeting of Shareholders in October to approve the spin-off of the business.
Regarding the divestment of the Printing Business Unit
Samsung Electronics has reached an agreement to sell the entire global operations and assets of its printing business to HP. This transaction is part of the Company’s efforts to concentrate on its core business areas.
Samsung will spin off the Printing Business Unit into a separate company as of Nov. 1 upon the approval of shareholders, and sell a 100 percent stake of the newly created company and overseas assets related to the business to HP.
Under the agreement, Samsung will source printers from HP and continue to market in Korea under the Samsung brand. The transaction is expected to close within one year, subject to the appropriate regulatory approvals.
The printing business, with 6,000 employees, a production base in China as well as more than 50 sales offices globally, posted 2 trillion Korean won in revenue in 2015.