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Industry Notes for the week of Jan. 18 People on the Move 

Industry Notes for the week of Jan. 18

  Pro Photography EMOTION Photography to graduate from Founder Institute in Silicon Valley EMOTION Photography, the Australian professional photography startup, was selected as one of 12 presenting companies on Jan. 20, Graduation Day, at the Founder Institute of Silicon Valley, a business incubator. See the short promo video here. EMOTION Photography is a digital-first operation built around the belief the... Read More
Koelnmesse cancels photokina “for the time being” Events News Opinion 

Koelnmesse cancels photokina “for the time being”

Koelnmesse, the organizer of the leading worldwide photo/imaging exhibition, photokina, has canceled the Cologne event “for the time being” after 70 years. The 2020 edition had already been canceled but dates for May 2022 were announced. It’s an ignoble end to the largest and, arguably, the most influential photo/imaging trade event. For most of its existence, photokina was held every... Read More
Shutterfly buying more than 60 HP Indigo digital presses News 

Shutterfly buying more than 60 HP Indigo digital presses

HP Inc. announced one of its biggest customers, photo personalization giant Shutterfly, has embarked on a massive expansion of its digital press fleet with the acquisition of more than 60 new HP Indigo Digital Presses. HP referred to the deal as “the largest single customer order to date for the HP Graphics business.” The rollout includes B2-sized HP Indigo 100K... Read More
HP announced Haim Levit as the new general manager for HP Indigo News 

HP announced Haim Levit as the new general manager for HP Indigo

HP Inc. announced Haim Levit as the new general manager for HP Indigo, a division of HP Graphics Solutions Business. He succeeds Alon Bar-Shany, who led the division to prominence over 15 years. Levit served as global head of GSB Industrial Go-to-Market organization and Americas Indigo & PWP Business, prior to taking helm of HP Indigo. Levit has also served... Read More
HP meets earnings target but misses sales expectations, sending shares tumbling Earnings reports News 

HP meets earnings target but misses sales expectations, sending shares tumbling

Printer maker HP Inc. announced the company beat analysts second-quarter earnings target of 51 cents per share ($12.47 billion – above the expected 45 cents per share – but lower sales sent HPQ stock lower. On a year-over-year basis, HP earnings dipped 4% while sales declined 11%. Printing net revenue was down 19% year over year (down 18% in constant... Read More
HP launches free print, play and learn platform Marketing News 

HP launches free print, play and learn platform

HP Inc. launched the free Print, Play & Learn online resource to support millions of families around the world who have transitioned to learning from home. Collaborating with education resource providers, including Education.com, TIME for Kids, Canva, and KiwiCo, HP is curating weekly literacy content as well as worksheets, coloring pages, puzzles and other learning printables for parents with children... Read More
Xerox abandons tender off for HP, due to COVID-19 pandemic Acquisitions News 

Xerox abandons tender off for HP, due to COVID-19 pandemic

Xerox Holdings Corp. is abandoning its effort to acquire much-larger rival HP Inc., citing the “macroeconomic and market turmoil” caused the COVID-19 pandemic. The company said it is withdrawing its $24-per-share tender offer to acquire HP and will also no longer seek to nominate  a slate of candidates to HP’s Board of Directors. The company’s statement continued: While it is... Read More
HP says Xerox tender offer is “disastrous” in current climate Acquisitions News 

HP says Xerox tender offer is “disastrous” in current climate

HP Inc. advised shareholders advancing Xerox’s proposed tender offer could be “disastrous” during the current global COVID-19 pandemic. HP said the Xerox’s offer would burden the company with a debt level that could potentially threaten its cash needs, but hasn’t ruled out a future combination if and when the economy improves.  HP also raised concerns the “highly leveraged capital structure”... Read More
Xerox puts HP bid on hold due to COVID-19 concerns Acquisitions News 

Xerox puts HP bid on hold due to COVID-19 concerns

Xerox Holdings Corp. today put a hold on takeover bid activities for HP Inc. due to the global COVID-19 pandemic. “In light of the escalating COVID-19 pandemic, Xerox needs to prioritize the health and safety of its employees, customers, partners and affiliates over and above all other considerations, including its proposal to acquire HP,” said John Visentin, Xerox vice chairman... Read More
HP introduces Series 5 and Series 6 HP Indigo platforms New Products 

HP introduces Series 5 and Series 6 HP Indigo platforms

In anticipation of the now-postponed drupa, HP Inc. made numerous announcements: Series 5 and Series 6 are two new HP Indigo platforms delivering large digital print volumes thanks to high speed and productivity. The new B2-format HP Indigo 100K Digital Press for commercial print, the first press in the new Series 5 platform, is engineered for higher productivity to deliver more... Read More
Xerox officially launches HP tender offer; HP rejects it Acquisitions News 

Xerox officially launches HP tender offer; HP rejects it

Xerox Holding Corp. officially launched its $34 billion cash-and-stock offer for HP Inc., a proposal valued at about $24 a share. (For each HP share, a holder would receive $18.40 in cash and 0.149 Xerox shares.) The offer is set to expire April 21. Xerox already nominated 11 candidates for HP’s board to help close the deal. “Our proposal offers... Read More
HP announces earnings, plans to spend $15 billion to buy back shares Acquisitions Earnings reports Feature News 

HP announces earnings, plans to spend $15 billion to buy back shares

Facing an increasingly hostile takeover pitch from Xerox Holdings, HP Inc. used its quarterly earnings announcement to offer a “multi-year strategic and financial value creation plan” to deliver improved financial results by 2022. The cross-company plan will include billions in “sustained cost actions” and a $16 billion capital return program over three years. Under the plan, HP says it will... Read More
While Xerox courts HP shareholders, HP adopts poison pill Acquisitions News 

While Xerox courts HP shareholders, HP adopts poison pill

HP Inc. announced it would implement a poison pill plan to thwart the attempt by rival Xerox Holdings to acquire the maker of printers. Xerox recently raised its offer earlier this month by $2 to $24 per share, following a series of rejections of other buyout offers. Meanwhile, Reuters reported Xerox execs hosted a dinner in Greenwich Village for HP shareholders... Read More