Hewlett Packard Co is to buy Samsung Electronics Co’s 45% share in Hewlett-Packard Korea, a joint venture of 13 years standing. HP said it would pay $36m to Samsung, which will use the money to improve its financial structure and cash flow. HP Korea has 1,100 employees. The Samsung Group has recently secured $2.5bn in foreign funds as part of its restructuring program, and hopes to raise a further $5bn by disposing of some of its subsidiaries or capital tie-ups with foreign business partners this year in an effort to improve its financial structure. HP CEO Lew Platt said that the company would also invest $250m in Korea this year to demonstrate its commitment to the Korean market.
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