Samsung | Samsung considers $1.8 billion printer business sale to HP: Report
The logo of Samsung Electronics is seen at its headquarters in Seoul, South Korea, July 4, 2016.    REUTERS/Kim Hong-Ji/File Photo
The logo of Samsung Electronics is seen at its headquarters in Seoul, South Korea, July 4, 2016. REUTERS/Kim Hong-Ji/File Photo

Samsung considers $1.8 billion printer business sale to HP: Report

September 10, 2016 3:37 AM (UTC+8)

 

SEOUL (Reuters) – Samsung Electronics is considering selling its printer business to HP Inc in a deal worth around $1.8 billion as the South Korean company shifts focus to its core businesses, the Seoul Economic Daily reported on Friday.

The paper, citing an unnamed senior Samsung source, said the Korean firm will likely announce a decision on the potential sale by next week.

The logo of Samsung Electronics is seen at its headquarters in Seoul, South Korea, July 4, 2016.    REUTERS/Kim Hong-Ji/File Photo
The logo of Samsung Electronics is seen at its headquarters in Seoul, South Korea, July 4, 2016. REUTERS/Kim Hong-Ji/File Photo

A Samsung spokesman said the company does not comment on rumours or speculation. HP’s office in Seoul could not be reached immediately for comment.

Samsung Electronics and the broader Samsung Group have been divesting from or exiting non-core businesses as part of a broader restructuring process for South Korea’s top family-run conglomerate under the stewardship of de facto leader Jay Y. Lee.

Though Samsung is the world’s top maker of smartphones, televisions and memory chips, the company has lagged rivals such as HP, Canon Inc and Epson in the global printer market.

Samsung does not disclose its printer sales separately, but researcher IDC said Samsung was ranked fifth with a 4% share in global hardcopy peripherals market in the second quarter.

Samsung Electronics in 2014 decided to end its LED lighting business outside South Korea, while the broader Samsung Group announced a deal to sell its defence and chemical assets to local conglomerate Hanwha Group in 2014 and another deal to sell more chemical assets to Lotte Group in 2015. ($1 = 1,100.0600 won)

(Reporting by Se Young Lee, Hyunjoo Jin; and Jane Chung; Editing by Muralikumar Anantharaman)

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