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Two printer industry giants, HP Inc. (NYSE:HPQ) and Xerox Corporation (NYSE:XRX), announced Tuesday an expansion of their business relationship.
What To Know
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The new arrangement will mean Xerox will source certain HP A4 and entry-level A3 products with the majority running on Xerox’s ConnectKey software. The printers will be based primarily on the laser printing technology HP acquired from Samsung in 2017.
The companies have also agreed to partner in the device as a service market.
Prior to the partnership HP's LaserJet line of printers already uses Canon's components, which in turn use technology developed by Xerox.
Why It's Important
“This arrangement is an extension of our existing relationship and creates incremental opportunities for HP in several important areas,” said Enrique Lores, president, imaging, and printing of HP in a press release.
“This announcement broadens our portfolio of products, software, and services, expands the reach of DocuShare Flex, increases productivity in our toner facilities, strengthens ConnectKey’s position in our printer family, and makes us a formidable player in the IT Solutions business especially with the small to midsize business we know so well,” said Steve Bandrowczak, CEO of Xerox.
On Tuesday, HP shares were trading up 3.6 percent at $19.34. Xerox shares were trading up 5.6 percent at $32.76.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.