HP (HPQ) - Get Report said on Monday it would pay $1.05 billion for Samsung Electronics' (SSNLF) printer unit in its largest ever printing-related purchase.

HP, which split off from software company HPE Enterprise (HPE) - Get Report last fall, said the acquisition of Samsung Electronics' technology and its 6,500 or so patents, reflects a push to "disrupt" the outmoded copier segment by replacing devices with more advanced, multifunction printer, or MFP, technology. It comes amid falling revenue at HP's mainstay segments of print ink and toner, as well as lower sales of printers themselves.

HP said the purchase should boost earnings in the first full 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," said HP president and CEO Dion Weisler 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."

Samsung Electronics agreed to buy between $100 million and $300 million of HP stock on the open market as part of the deal.

The Suwon, South Korea, company, which is mired in a safety-related recall of a its brand-new Note 7 smartphone, said the sale reflects its "efforts to concentrate on its core business areas." It called an Oct. 27 shareholders' meeting to gain investor approval for the spinoff of the printing unit, and to nominate a new director, heir-apparent Jay Y. Lee, onto its board, a year after Samsung chairman  Kun-Hee Lee was hospitalized.

"In all respects, the process of proposing him as a board member at the upcoming meeting of shareholders is the same as it would be at the annual meeting," Samsung said. "But rather than wait until next year, his appointment now will allow him to more actively participate - and take formal responsibility - as a board member in important decisions such as the composition of the executive management team and strategic growth initiatives including M&A deals."

It plans to spin off the printing operations into a new company on Nov. 1, though the sale to HP won't close for 12 months, the companies said.

Under the agreement, Samsung said it will source printers from HP and continue to market them in its domestic market.

The printing business has 6,000 employees, a production base in China as well as more than 50 sales offices around the world. It posted W2 trillion ($1.8 billion) in revenue in 2015. 

HP's printer purchase comes at a time of change across the industry. General Electric (GE) - Get Report on Sept. 6 announced it would spend $1.4 billion on two European 3D printing companies, Arcam, of Sweden, and SLM Solutions Group, of Germany.

HP shares on Friday closed down 3.8% at $14.07, giving it a market value of just under $24.1 billion.

Samsung shares on Monday closed down 7% before confirmation of the HP sale. The company earlier on Monday called on customers to return their Note 7 smartphones immediately after calls from global regulators and airlines for it to step up the voluntary recall.