HP announced yesterday that it is looking to change their business model for HP-branded cameras. They want to concentrate and realign resources to work on their Print 2.0 initiative that was announced back in May 2007.
HP is now looking for an OEM partner who will be licensed to design, source and distribute digital cameras with the HP branding on them. This arrangement would be similiar to the arrangement between GE and General Imaging - where General Imaging handles GE-branded digital cameras. HP plans to have this partnership in place sometime in the first half of 2008, and they will still be handling their sales of digital cameras during this holiday season.
HP's Print 2.0 strategy focuses on: "delivering a next-generation digital printing platform that increases print speeds and lowers the cost of printing for high-volume commercial markets; making it easier to print from the web; and, extending HP's digital content creation and publishing platforms across all customer segments."
As part of this realignment of resources, HP will take a $30 million pre-tax charge in their 4th fiscal quarter, ending October 31, 2007.
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