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Chinese Lenovo is taking control of IBM activities. |
energetic
Joined: Jan 13, 2003
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The leading manufacturer in China of PC's is taken control of IBM's activities.
The whole contract worth of 1.75 billion dollars will rise Lenovo from eight place of the world market to third place behind Dell Computer and Hewlet Packard. Approximately 9500 employees of IBM will be under Lenovo control.
Terms include the payment from the chinese company worth of 600 million dollars in cash and 650 million dollars in common shares and also IBM debits worth of 500 million dollars.
Lenovo also is buying the property of Think (including ThinkPad) and the rights producing PC's with IBM for the next five years.
Source: Naftemporiki Newspaper.
URL: http://www.naftemporiki.gr
e-mail:info@naftemporiki.gr
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[ This Message was edited by: energetic on 2004-12-09 14:34 ] | |
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Jake Blues
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have ibm been having financial troubles?
[addsig] |
Gigs
Joined: Jan 19, 2004
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No, they're just moving more towards services.
IBM sells PC business to China
09.12.04
BEIJING - Lenovo Group has agreed to pay US$1.25 billion ($1.75 billion) for IBM's personal computer business, lifting China's largest PC maker to third in global rankings and giving it a globally recognised brand.
Lenovo will pay US$600 million in cash and US$650 million in stock, Lenovo chief executive Yuan Yuanqing said at a press conference in Beijing.
Lenovo will also assume US$500 million of debt. IBM will hold an 18.9 per cent stake in Hong Kong-listed Lenovo after the acquisition, which is expected to be completed in the second quarter.
The purchase vaults Lenovo from eighth place among PC makers, giving the company a leg up in a global market now dominated by US manufacturers Dell and Hewlett-Packard.
IBM, based in Armonk, New York, is pulling out of a business it helped create two decades ago to concentrate on services.
"It's a good move for IBM," said Jason Maxwell, an analyst at Los Angeles-based TCW Group, which owns IBM shares. "It fits with their decade-old strategy of disinvesting in those areas where they don't have an advantage."
IBM sold its hard-disk drive business in 2002 after the technology behind the products became widely available and easy to copy, leading to depressed profits.
The same thing has happened in PCs as consumers use new items such as mobile phones to access the internet, analysts say.
IBM, which made its first PC in 1981 and won orders by catering to businesses, retreated from selling its Aptiva PCs to retailers in the US in 1999 and instead decided to sell over the internet.
Lenovo, based in Beijing and formerly known as Legend, will reap benefits of the world's third-most recognised brand - IBM's brand name is worth US$53.8 billion, according to a survey by Interbrand.
- BLOOMBERG
Reposted from NZ Herald
[ This Message was edited by: Gigs on 2004-12-09 22:56 ] |
Gigs
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evul double posting forum! 
[ This Message was edited by: Gigs on 2004-12-09 22:58 ] |
energetic
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wapt
Joined: Jan 10, 2003
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There should be many fans of Thinkpad. What will they feel about this? The blue giant!
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Posted: 2004-12-09 15:31
