[THE INVESTOR] HP CEO Dion Weisler visited Seoul last week to finalize talks on the US printer and PC giant’s planned acquisition of Samsung Electronics’ printer business division, Maeil Business News reported on March 6.
The CEO reportedly met Kim Ki-ho, CEO of S-Printing Solution, the spun-off entity set up in November last year. HP plans to acquire the firm’s whole stake by July.
HP says no layoffs in Korea after acquisition of Samsung’s printer division
The US$1.05 billion deal was publicized in September. HP aims to strengthen its leadership position in the inkjet printer market, while Samsung secures cash by selling off a less profitable business amid its ongoing business restructuring before the pending leadership transfer to a new generation.
S-Printing Solution owns a research base in Suwon, Gyeonggi Province, a production plant in China and some 50 sales operations, with some 6,000 people being hired globally. Its annual revenue reaches 2 trillion won (US$1.75 billion).
HP says all the Korean operations and employees will be retained even after the acquisition. The company also plans to sell its inkjet printer products under the Samsung brand name in Korea.
Sources says the former Samsung employees will each receive about 60 million won in compensation.
By Lee Ji-yoon (email@example.com)