Hewlett-Packard Co. says it will combine its printing and PC divisions to save money, part of the technology company's effort to turn around its business.

The move comes at a time when sales of printers and ink, once HP's lifeblood, are falling amid declining demand and growing competition. HP is the world's No. 1 maker of personal computers. But PC sales are hurting, too, as people turn their attention to tablets and smartphones.

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