The board of directors for South Korea-based Samsung Electronics recently met and approved the sale of the company’s printing division to Palo Alto, California-based HP Inc. According to reports, the sale price was $1.05 billion.

Samsung says the sale is part of the company's efforts to efforts to concentrate on its core business areas. Under the agreement, Samsung will source printers from HP and continue to market in Korea under the Samsung brand.

Samsung’s printing division—focused on office printers and copiers—posted revenue of 2 trillion Korean won—or about $1.8 billion—in 2015.

Along with the printing business, HP will also acquire 6,000 employees, a production base in China as well as more than 50 sales offices globally. The company notes that 1,300 of the 6,000 employees include researchers and engineers with experience in laser printing, imaging electronics and printer supplies and accessories. HP will also be gaining 6,500 printing patents.

HP says Samsung’s printer business will also allow it to have an impact in the copier segment, which HP describes as technologically stagnant but nevertheless worth $55 billion.

HP, which split from its enterprise business, HPE, last year, expects to shed about 3,000 jobs this year.

“When we became a separate company just 10 months ago, it enabled us to become nimble and focus on accelerating growth and reinventing industries,” HP president and CEO Dion Weisler says in a statement.

“We are doing this with 3D printing and the disruption of the $12 trillion traditional manufacturing industry, and now we are going after the $55 billion copier space. The acquisition of Samsung’s printer business allows us to deliver print innovation and create entirely new business opportunities with far better efficiency, security, and economics for customers,” he adds.

The deal is expected to close within one year, pending regulatory and shareholder approval.