HP Inc.

HP Inc. is an American multinational information technology company headquartered in Palo Alto, California, that develops personal computers (PCs), printers and related supplies, as well as 3D printing solutions.

This article is about the 2015 successor of Hewlett-Packard. For the predecessor company, see Hewlett-Packard. For other uses, see HP (disambiguation).

HP Inc.
Public
Traded as
IndustryComputer hardware, printers
PredecessorHewlett-Packard
FoundedJanuary 1, 1939 (1939-01-01) (as Hewlett-Packard)
November 1, 2015 (2015-11-01)[1](as HP Inc.)
Founder
Headquarters
Palo Alto, California
,
United States
Area served
Worldwide
Key people
Products
Revenue US$58.75 billion (2019)[2]
US$4.18 billion (2019)[2]
US$3.15 billion (2019)[2]
Total assets US$33.46 billion (2019)[2]
Total equity -US$1.19 billion (2019)[2]
Number of employees
56,000 (2019)[2]
Divisions
SubsidiariesList of subsidiaries
Websitewww.hp.com
Footnotes / references
[2]

It was formed on November 1, 2015, renamed from the personal computer and printer divisions of the original Hewlett-Packard Company, with that company's enterprise product and business services divisions becoming Hewlett Packard Enterprise. The split was structured so that Hewlett-Packard changed its name to HP Inc. and spun off Hewlett Packard Enterprise as a new publicly traded company. HP Inc. retains Hewlett-Packard's pre-2015 stock price history and its former stock ticker symbol, HPQ, while Hewlett Packard Enterprise trades under its own symbol, HPE.[3][4]

HP is listed on the New York Stock Exchange and is a constituent of the S&P 500 Index. It is the world's largest personal computer vendor by unit sales, having regained its position in 2017 since it was overtaken by Lenovo in 2013. HP ranked No. 58 in the 2018 Fortune 500 list of the largest United States corporations by total revenue.[5]

History
Main article: Hewlett-Packard § History

HP Inc. was formerly known as Hewlett-Packard. Hewlett-Packard was founded in 1939 by Bill Hewlett and David Packard, who both graduated with degrees in electrical engineering from Stanford University in 1935. The company started off in the HP Garage in Palo Alto, California. On November 1, 2015, Hewlett-Packard was renamed to HP Inc. and the company enterprise business were spun off and renamed to Hewlett Packard Enterprise.[4]

As HP Inc.

In May 2016, HP introduced a new PC gaming sub-brand known as Omen (reusing trademarks associated with VoodooPC), including gaming laptops and desktops (with the latter offering options such as water cooling and Nvidia GTX 1080 graphics, and HP specifically promoting it as being suitable for virtual reality headsets), and other accessories (such as monitors) designed to cater to the market.[6]

In November 2017, HP acquired Samsung Electronics' printer division for $1.05 billion.[7]

Hostile takeover bid by Xerox

On November 5, 2019, The Wall Street Journal reported that print and digital document company Xerox was contemplating acquiring HP.[8] The company unanimously rejected two unsolicited offers, including a cash-and-stock offer at $22 per-share.[9][10] HP stated that there was "uncertainty regarding Xerox’s ability to raise the cash portion of the proposed consideration" (especially given that Xerox is a smaller company in terms of market cap than HP), and noted the company's aggressiveness.[10] On November 26, 2019, Xerox issued a public letter defending allegations by HP that its offer was "uncertain" and "highly conditional", and declared its intent to "engage directly with HP shareholders to solicit their support in urging the HP Board to do the right thing and pursue this compelling opportunity."[11]

Xerox stated in January 2020 that it would propose the replacement of HP's board of directors during its next shareholder meeting in April 2020. In a statement to TechCrunch, HP disclosed a belief that Xerox's bid was being "driven by" activist shareholder Carl Icahn.[12] Xerox raised its bid to $24 per-share in February 2020.[13]

On February 21, 2020, HP instituted a shareholder rights plan to fend off Xerox's pursuit of a hostile takeover. Four days later, HP announced that, if shareholders rejected the Xerox purchase, it planned on offering $16 billion in capital return between fiscal 2020 and 2022, including $8 billion in additional share buybacks and raising its "target long-term return of capital to 100% of free cash flow generation". HP criticized Xerox's bid as a "flawed value exchange" based on "overstated synergies".[14][15] On March 5, 2020, HP rejected an offer at $24 per-share.[16]

On March 31, 2020, Xerox rescinded its bid to buy HP Inc, issuing in a statement, "The current global health crisis and resulting macroeconomic and market turmoil caused by COVID-19 have created an environment that is not conducive to Xerox continuing to pursue an acquisition of HP Inc."[17]

Current operations

HP develops personal computers (PCs), printers and related supplies, as well as 3D Printing solutions.[4][1]

In 2016, total revenue of US$48.238 billion included US$16.982 billion from the sale of notebook computers, US$9.956 billion from the sale of desktop computers, US$11.875 billion from the sale of printer supplies, US$5.131 billion from the sale of commercial printers, and US$1.254 billion from the sale of consumer printers.[1]

Approximately 63% of revenue in 2016 came from outside of the United States.[18]

HP is organized into several groups:

  • Laptops & 2-in-1s: All of HPs laptops and 2-in-1 PCs.
  • Desktops: All of HPs desktops including their all-in-one computers
  • Printers
  • Ink & toner
  • HP Business Solutions

Desktops and laptops

Business desktops:[19]

  • ProDesk: Affordable business desktops
  • EliteDesk: High end business desktops
  • Z workstation: Premium professional workstations

Business laptops:[20]

Consumer laptops and desktops:[22]

  • Pavilion: Affordable consumer computers
  • Envy: High end consumer computers
  • Spectre: Premium consumer computers
  • Omen: High end gaming computers
  • All-in-One: HP's all-in-one computers

Audio partner

In March 2015, HP announced that Bang & Olufsen would become the company's new premium audio partner for its computers and other devices. The partnership replaced the one with Beats Electronics which ended upon its acquisition by Apple Inc.[23]

Printers
  • DeskJet and OfficeJet inkjet printers
  • LaserJet laser printers
  • PageWide wide-format inkjet printers, sheet-fed and web-fed
  • DesignJet plotters and wide-format printers
  • Indigo digital presses, sheet-fed and web-fed
  • Scitex and Latex large-format printers
  • HP Sprocket mobile photo printers

HP Business Solutions

HP Business Solutions are HPs products and services that are oriented towards businesses. These include:

  • HP JetAdvantage solutions manages businesses fleets of printers, scanners and MFPs. HP JetAdvantage also has the HP Universal Print Driver, which is a single driver that works with a large variety of HPs drivers.[24]
  • HP Services is the brand used to HPs business services.[25]
  • Managed Print Services (MPS)[26]
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See also

References
  1. HP Inc 2016 Form 10-K Annual Report
  2. "HP Inc. Announces Fourth Quarter and Fiscal Year 2019 Results" (PDF). sec.gov. U.S. Securities and Exchange Commission. February 4, 2020. Retrieved February 4, 2020.
  3. See company history section of HP Inc.'s information page at the NYSE Web site
  4. Darrow, Barb (October 30, 2015). "Bye-bye HP, it's the end of an era". Fortune Magazine.
  5. "Fortune 500 Companies 2018: Who Made the List". Fortune. Retrieved November 10, 2018.
  6. Kastrenakes, Jacob (May 26, 2016). "HP launches new Omen line of gaming laptops, desktops, and accessories". The Verge. Retrieved February 28, 2020.
  7. Choudhury, Saheli Roy (November 1, 2017). "HP completes purchase of Samsung printer business". www.cnbc.com. Retrieved December 22, 2018.
  8. Lombardo, Cara. "Xerox Considers Takeover Offer for HP". The Wall Street Journal. Retrieved November 6, 2019.
  9. Franck, Thomas (November 7, 2019). "Xerox offers to buy HP for $22, sources say, more than 30% higher than where it traded a month ago". CNBC. Retrieved February 28, 2020.
  10. "HP rejects Xerox again, but leaves door open for negotiation". TechCrunch. Retrieved February 28, 2020.
  11. "Xerox tells HP it will bring takeover bid directly to shareholders". TechCrunch. Retrieved February 28, 2020.
  12. "Xerox wants to replace HP board that rejected takeover bid". TechCrunch. Retrieved February 28, 2020.
  13. Sebastian, Dave (February 10, 2020). "Xerox Raises Its Bid to Acquire HP". Wall Street Journal. ISSN 0099-9660. Retrieved February 10, 2020.
  14. Armental, Maria (February 25, 2020). "HP to Buy Back $15 Billion in Stock to Battle Xerox Takeover Bid". Wall Street Journal. ISSN 0099-9660. Retrieved February 28, 2020.
  15. "HP offers its investors billions in shareholder returns to avoid a Xerox tie-up". TechCrunch. Retrieved February 28, 2020.
  16. Sebastian, Dave (March 5, 2020). "HP Rejects Xerox's Raised Takeover Offer". Wall Street Journal. ISSN 0099-9660. Retrieved March 9, 2020.
  17. "Xerox Provides Update on Proposal to Acquire HP" (Press release). Xerox. March 31, 2020.
  18. "HP Inc. Reports Fiscal Year 2016 Results" (PDF). HP. Retrieved October 18, 2018.
  19. "Computer Tower Desktops". Retrieved December 22, 2018.
  20. "Laptop & Notebook Computers". Retrieved December 22, 2018.
  21. "Z by HP | HP® Official Site". www8.hp.com. Retrieved December 22, 2018.
  22. "View All Desktops". Retrieved December 22, 2018.
  23. "HP makes Bang & Olufsen its new audio partner". CNET. Retrieved February 21, 2016.
  24. "HP JetAdvantage solutions" (PDF). hp.com. Retrieved December 22, 2018.
  25. "HP SERVICES". hp.com. Retrieved December 22, 2018.
  26. "MPS Solutions: Managed Print & Document Manage | HP® Official Site". www8.hp.com. Retrieved December 22, 2018.

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