Home Business HP sells its China laser printer business to Foxconn, acquired from Samsung four years ago

HP sells its China laser printer business to Foxconn, acquired from Samsung four years ago

by Ashish

HP, the world’s largest printer manufacturer, plans to divest its Chinese laser printer business, which it acquired from Samsung four years ago. The Taiwanese company Foxconn was named the buyer.

According to the source, the agreement has already been signed. Under its terms, Foxconn will produce printers for HP on a contract basis. The contract includes not only assembly but manufacturing by Foxconn of certain components, including the printed circuit board.

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The news allegedly shocked South Korean companies, which have supplied components to a subsidiary of HP, which has increased production by 40% over the past three years. HP’s supplier list includes two dozen South Korean companies affected by the Foxconn deal.

Immediately following the news of the sale, these companies issued a joint statement asking HP to maintain its current supply chain. However, according to the source, HP simply called on them to “work well with Foxconn” in response.

(Via)

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