Proactive Investors - Hewlett Packard Enterprise Co (NYSE:HPE, ETR:2HP) shares moved higher after it was announced the information technology company has entered into a multi-year partnership with Ferrari (NYSE:RACE) to become the title sponsor of its car racing teams, including for Formula 1 (F1).
The two companies announced on Wednesday that the HP logo will debut on Maranello F1 cars ahead of the Miami Grand Prix, scheduled for May 3 to 5, when the team will start competing under its new team name Scuderia Ferrari (NYSE:RACE) HP.
Ferrari will deploy HP technology and services including adaptive PCs and devices, collaboration products and services, and printing capabilities to enhance its operations on and off the racetrack.
The financial terms of the partnership were not disclosed.
Ferrari CEO Benedetto Vigna highlighted that its brand shares important values with HP, making it an ideal partner.
“We look forward to starting our collaboration and facing new opportunities and challenges together,” Vigna said.
HP CEO Enrique Lores added that the partnership was “a natural fit.”
“Both brands are built on rich histories that have endured the test of time,” Lores said.
“Through this unique collaboration, we also have an opportunity to reach new audiences, drive business growth, and create lasting impact for our shared clients and communities. Together we will leverage the global stage of racing to accelerate sustainable innovation.”
Shares of HP added 2.5% at $28.36, while Ferrari traded down 1.4% at $418.77 in the early afternoon on Wednesday.
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