The projected acquisition places HP in the position to unsettle the $55 billion copier market, an industry that hasn’t seen innovation in many years. By way of this news and other announcements in product innovations, services, and programs, HP aims to deliver value to its global network of more than 250,000 partners.
Enrique Lores, President, Imaging & Printing Business for HP Inc. in speaking to over 1300 of HP partners from around the world during the General Session held earlier today said, “We want to reinvent the print business by working with you together.”
This proposed acquisition makes sense for HP as it has invested quite significantly in replacing out-dated copiers with the far greater and more superior multifunction printer (MFP) technology that is prominent in HP’s current line of printers today. Samsung also has multifunction printers with a portfolio of A3 printers and by integrating with HP; the acquiring company is looking to reinvent printing again with a portfolio of printing solutions that will revolutionize the printing industry.
“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,” said Dion Weisler, president and CEO of HP.
Since becoming a separate company just 317 days ago, HP has been focusing on “accelerating growth and reinventing industries” with “3D printing and the disruption of the $12 trillion traditional manufacturing industry.” In continuing that acceleration HP is going after the $55 billion copier space as well.
In acquiring this part of Samsung’s business, HP will be taking control of the entire unit including the intellectual property portfolio of more than 6,500 printing patents and nearly 1,300 researchers and engineers who will bring their advanced expertise in laser printer technology to accelerate the growth in innovation in the print market segment. And this combination, according to Dr. Oh-Hyun Kwon, vice chairman and CEO of Samsung Electronics Co., Ltd is “to further enhance the value of our relationship.”
The acquisition is expected to close within a year pending regulatory review and other customary closing conditions.
“I could not be more excited, since being a separate company just 10 months ago, HP cannot be more unrecognized,” Weisler said. That is quite true, the new HP looks like a far different company from the HP of the past with reinventing being the driving mantra.
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