Canon Inc. said Wednesday that it will invest $1 billion to expand its digital printing operation.
The investment will include hiring a senior executive, a major digital content and delivery partner and a third-party digital printing platform.
Canon’s stock is up 5.5% in after-hours trading.
Canon Inc., which has been in business since 1971, is the largest maker of printers in the world.
It is the most profitable company in the US, accounting for about 20% of the industry’s revenue.
Its digital business has been expanding at a rapid clip, with the company recently announcing a $1-billion acquisition of the San Francisco-based printer and scanner company PanoMaker.
Canon shares are up more than 5% in early trading Wednesday.