The OEM is paying out W60 million ($52,378/€47,805) to a select number of printer-related employees.
Korea Joongang Daily reported that the compensation is due to the sale of Samsung’s printer business to HP Inc, and the 6,000 staff being compensated are those included in the deal between the OEMs. Shareholders from Samsung approved the sale to HP Inc for $1.05 billion (€958 million) this week, including the company’s patents for printers and employees.
The printer division representatives have reportedly been in talks with Samsung since the announcement of the deal, and have agreed on the amount of compensation as well as no lay-offs for the next five years. Oh-Hyun Kwon, the Chairman of the Board of Directors, stated: “This year, Samsung Electronics is entering a new stage of growth thanks to the unparalleled competitiveness of the component products, including V-NAND and OLED, and as the Company works toward reinvigorating its mobile business.
“The decision [to sell to HP Inc] was made in the context of Samsung Electronics’ commitment to an on-going reorganisation of business units in order to further concentrate on core competencies and to maximise competitiveness. Going forward, the company will continue along this path of focusing on what it does best.”