Samsung deals to sell printing unit to HP for $1.05 billion

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Samsung natural philosophy can sell its printer business to US laptop maker HP, the businesses aforesaid Mon, because the South Korean large accelerates restructuring efforts amid a people power transfer within the start Lee family.

HP aforesaid it’ll get the unit for $1.05 billion which the deal can boost growth opportunities within the apparatus phase, whereas Samsung created clear the dealing was “part of the company’s efforts to target its core business areas”.

Samsung‘s unit has 6,000 staff and denote total revenue of two trillion won ($1.8 billion) in 2015, the corporate aforesaid in its statement Mon. ┬áSamsung natural philosophy — the world’s largest smartphone maker that conjointly produces home appliances and memory chips — may be a flagship unit of the Samsung cluster.┬áThe group, presently chaired by Lee Kun-Hee, has merged, broken out or freshly listed a number of its key units in recent years as Lee prepares at hand over the reins to his son and company chairman J.Y. Lee.

Recent health issues regarding the senior Lee, presently ill when suffering a coronary failure in 2014, have prompted the business to accelerate these efforts. The Samsung natural philosophy board planned a thought Mon to nominate J.Y. Lee as a brand new member.

“More than 2 years when the hospitalization of Chairman Lee… the board of Samsung… believes that the time is currently right to nominate Jay Y. Lee as a member of the board to permit him to require a lot of active role within the Company’s strategic decision-making,” the statement aforesaid.

The sale of the company and Lee’s nomination were approved by the board Mon however stay subject to investor approval in October.