HP Inc. has just completed its purchase of Samsung Electronic’s printer business in a deal valued at $1.05 billion. This move, according to HP, will help strengthen its portfolio with multi-function printers that are both simple to use and high performing.
“As we ignite a renaissance in printing, we’re thrilled to bring together the industry’s best and brightest talent,” Dion Weisler, president and CEO at HP, said in a statement. “Together, we will build more than 30 years of print leadership to accelerate our strategy, disrupt new market opportunities, and provide our customers and partners with unique and highly innovative print solutions.”
The deal, which was announced last September, also gives HP access to over 6,500 Samsung print patents and a workforce of roughly 1,300 researchers and engineers. This brings a wealth of expertise to HP in the realms of laser technology, imaging electronics, and supplies and accessories.
What does Samsung get out of this arrangement? The company will make a $100 million to $300 million equity investment in HP through open market purchases.
While expanding its portfolio with this purchase, HP is still looking at 3D printing as a potential, and maybe even primary, growth area. Weisler told CNBC last month that HP got into 3D printing to prepare and get ahead of the inevitable manufacturing disruption.