HP Inc. confirmed Wednesday that Xerox has proposed buying the company, following a report on a prospective deal in The Wall Street Journal.

HP issued a statement acknowledging Xerox’s offer and disclosing it has discussed a similar combination in the past. The statement did not say what price Xerox offered or indicate whether HP intends to accept the offer.

“We have a record of taking action if there is a better path forward and will continue to act with deliberation, discipline and an eye towards what is in the best interest of all our shareholders,” HP said in its statement.

Though Xerox’s headquarters are in Connecticut and HP operates from Silicon Valley, each has vital research sites in the Portland metro area.

HP has advanced printer research centers in Vancouver, Washington, and Corvallis, and Xerox’s color printing group occupies Tektronix’s former campus in Wilsonville. Each site has endured years of downsizing, and neither company will disclose how many it employs in the region. But the combined total is likely in the thousands.

The combined company would have a robust portfolio of printing technologies. Additionally, HP is among the world’s biggest computer brands.

By pairing two declining businesses, Xerox and HP may hope to reduce costs and provide the financial flexibility to develop new technologies that would revive their fortunes. The Journal reported Xerox expects more than $2 billion in savings from a combination.

Xerox is smaller than HP but is in the process of selling its stake in a joint venture with Fujifilm, which could net $2.3 billion. That, and additional debt, could give Xerox the muscle to make a deal work.

However, melding two businesses with aging technologies might not be more appealing to investors than each company is individually — even less so, perhaps, if Xerox takes on substantial debt to finance the acquisition. HP said last month it’s already taking steps to cut costs with a plan to eliminate 9,000 jobs companywide.