On Thursday, the American inkjet printer company Inkjet announced it would be acquiring laser printer printer manufacturer Laserjet.
The inkjet maker said it would purchase Laserjet’s print technology for $2.2 billion in cash and stock.
“We are very excited to join the laser print revolution and accelerate our transformation into a leading provider of advanced inkjet technology,” Inkjet CEO and founder John C. Henson said in a statement.
“Laserjet is an exciting and versatile technology that will deliver incredible print quality and superior speed to customers all around the world.”
The deal will enable Inkjet to make more ink for customers in more countries and expand its business into new markets.
Laserjet is best known for its laser printers, which are capable of printing with colors that range from dark blue to a neon-green hue.
The company has been making inkjet printers since the late 1980s, and the inkjet line has been in decline for decades.
A recent survey of inkjet print experts by the International Inkjet Association found that Inkjet’s printers had become obsolete in the past 20 years.
Larger inkjet machines can produce thicker and denser ink that is easier to work with, but it can also be slower and more expensive than traditional printers.
LaserJet said the acquisition will help to improve the Inkjet printer lineup.
“The inkjet inkjet is the next-generation printer and has tremendous potential to drive an exponential change in inkjet printing,” LSI Group President and Chief Executive Officer Jim Hargreaves said in the statement.
LSI has been investing in ink technology for several years and now owns LaserJet and its competitor, 3D Systems.
“I think the new Inkjet will be the best inkjet ever made, and we look forward to building on that legacy of quality,” LTI Group Chief Executive Steve Noyes said in an interview with Reuters.
The deal could be a boon for LSI’s laser printer business.
It has a $3 billion in sales, but the company has struggled to turn a profit.
LTI has struggled with a decline in sales of its laser printer line, including a slide of more than 20% in 2016.
In addition, LaserJet’s laser printing division recently announced a $2 billion buyout of the company’s printer unit.
LPI also announced plans to sell the printing business and its printing division to a consortium of investors led by China’s Sohu Group.