Samsung Electronics Co. has taken over Brazil's No. 1 printing solutions company, Simpress, to bolster its printing business in the Latin American market, industry sources said Saturday.

The tech giant recently signed a contract to take over a 100-percent stake in Simpress with a plan to run it as a subsidiary, they said.

The Sao Paulo-based firm provides printing outsourcing solution services to local companies, financial and public organizations.

Samsung plans to sell its printers through Simpress's a wide distribution network in the region and have the new affiliate take charge of maintenance of the products, the sources said.

Samsung is currently in competition with Canon and HP in the global printing market.

(Yonhap)