HP announced Monday that it will acquire Samsung’s printer segment for $1.05 billion. The acquisition is part of a move to “disrupt and reinvent the $55 billion copier industry, a segment that hasn’t innovated in decades,” the company said in a press release.

The Palo Alto-based HP will also acquire over 6,500 patents pertaining to printing and Samsung printing's team of 1,300 researchers and engineers.

In 2014, HP said it would split into two separate companies: Hewlett Packard Enterprise, selling servers and enterprise services, and HP Inc, selling PCs and printers. That process completed in late 2015.

“When we became a separate company just 10 months ago, it enabled us to become nimble and focus on accelerating growth and reinventing industries,” Dion Weisler, president and CEO of HP, said in the Monday 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.”