About 1,800 employees of Samsung Electronics Co.'s printer business in South Korea will receive about 60 million won ($52,470) each in compensation, an industry source said Thursday, as Samsung agreed to sell the printer business to HP Inc.
Samsung's shareholders approved the sell-off of the printer business to HP for $1.05 billion last week. The deal includes Samsung's patents for printers and the employees.
"Following a decision to sell its printing business to HP Inc., Samsung Electronics is expected to pay about 60 million won in compensation to 1,800 employees of the printing business' headquarters," the source said on the condition of anonymity.
Samsung and Korean representatives of the printer division employees held eight rounds of talks since the deal was announced in September.
The two sides recently agreed on the amount of compensation and that there would be no layoffs over the next five years, according to the source. (Yonhap)
