WEIHAI, CHINA – HP signed an agreement to sell Foxconn its laser printer manufacturing subsidiary here, according to reports.

Foxconn will acquire the Weihai plant and make products for supply to HP. The contract includes component production.

About 20 South Korean companies have been supplying components to the subsidiary, increasing production capacity 40% in the past three years, say reports. The firms issued a joint statement, asking HP to maintain the current supply chain. HP asked them to work with Foxconn.

No financial terms were disclosed.