HP to buy Samsung’s printer division for $1.05 billion

As the increased reliance on digital documentation continues to weaken demand for traditional printing technology, firms that formerly relied on printers for the majority of their revenue — including HP Inc. and the printing division of Samsung — have sought ways to stay afloat.

On Monday, those two entities announced that they would combine their effort, with Samsung selling its printing division to HP for $1.05 billion.

The deal will markedly improve HP’s standing in Asia, as HP’s president of imaging and printing Enrique Lores said in a statement. “Korea is going to be a very site for the HP printing business going forward” — especially now that HP has access to proprietary Samsung technology that vastly improves the speed of printing.

The purchase marked yet another shift away from the personal computing and printing market, as the laser and toner technology is better suited to printing on a corporate scale.

Once the deal closes, which HP expects to occur to within the next 12 months, HP will take charge of 6,000 Samsung employees and, more importantly, over 6,500 printing patents.