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Sharp rejects Samsung’s deal to buy printer and copier unit

Sharp rejects Samsung’s deal to buy printer and copier unit

March 14, 2013

Sharp logoFollowing investment by Samsung in Sharp for three percent stake, Sharp refuses to sell printer and copier unit to OEM.

ZDNet reports that Sharp will not sell its printer and copier unit to Samsung as originally planned in the recent deal between the two companies, which saw Samsung offering to invest ¥10.4 billion ($108.2 million/€83.2 million) in Sharp and provide the OEM with a “stable supply of large LCD panels” in exchange for three percent of its shares. Samsung-Logo

The deal is intended to give Sharp a “needed cash lifeline” and “bolster the production of certain lines that affect Samsung products, with Sharp currently providing Samsung with LCD panels for TVs and mobile devices but seeing “demand weaken and prices plummet[ing]”.

Reasons for Sharp’s refusal to sell its printer and copier unit to Samsung were not disclosed, nor was the price offered by Samsung for the unit, with Sharp spokeswoman Miyuki Nakayama reportedly commenting: “We did get a proposal from Samsung, but we declined”.

Sharp has recently struggled against fierce competition, a strong yen and dwindling consumer interest which resulted in an operating loss of ¥74.8 billion ($936 million/€723 million) in the second quarter of the year.

Categories : City News

Tags : Business Samsung Sharp

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