IBM Spins Off PC Division with Chinese Partner
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Following days of rumors, IBM late Tuesday made it official: the company said it was spinning off its personal computer business with the Lenovo Group, China&#39;s biggest maker of personal computers.
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China's largest personal computer maker, Lenovo Group Ltd. (0992.HK), said on Wednesday it is buying control of IBM's PC-making business for &#36;1.25 billion, capping the U.S. tech giant's gradual withdrawal from the business it helped pioneer in 1981.
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China&#39;s largest manufacturer of personal computers, Lenovo Group, has bought IBM&#39;s PC business for $1.25 billion, making it the world&#39;s number three in the sector.
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While the details are still shrouded in mystery, sources close to the negotiations between computer giant IBM and the China-based PC maker Lenovo say that the companies will announce plans tonight for IBM to sell off its PC business for up to $2 billion.
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IBM is selling its PC-making business to China's largest personal computer maker, Lenovo Group Ltd., for &#36;1.25 billion, marking the U.S. giant's retreat from an industry it helped pioneer in 1981.
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BEIJING/SAN FRANCISCO  - China's largest personal  computer maker, Lenovo Group Ltd. 0992.HK, said on Wednesday  it is buying control of IBM's PC-making business for $1.25  billion, capping the U.S. tech giant's gradual withdrawal from  the business it helped pioneer in 1981.
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IBM is selling its PC hardware business to number one Chinese computer maker Lenovo.
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An era will come to an end when IBM sells off its computer manufacturing business, according to The New York Times. A Chinese company seems the likely buyer and the deal should fetch upward of $2 billion.
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Perhaps it isn't quite as surprising as if Ford MotorÂ Co. suddenly decided to sell the Mustang sports car brand to Hyundai. But IBM's decision to sell its PC business to China's Lenovo Group underscores the challenges that manufacturers face in the modern PC business, even for a company synonymous with the product.
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In detailing its agreement to acquire IBM's personal computing division, China's Lenovo Group revealed data about growing warranty costs for Big Blue's PC business, and in doing so raised questions about quality control issues.
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After agreeing to sell its PC division to China's Lenovo Group, IBM now faces the task of keeping its corporate and government customers from abandoning its standard-setting brand.
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LG IBM PC Co., a joint venture between LG Electronics Inc. and IBM Korea, will split into separate entities as of January 2005, the parent companies announced yesterday.
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IBM has gained a crucial foothold in China by selling its PC business to Lenovo, the countryâs biggest computer maker, for $1.75 billion (Â£900 million) in cash, shares and debt.
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IBM (NYSE: IBM) is selling its PC business, marking the end of an era for the personal computing pioneer, according to a story published today in the New York Times. The report was not verified by IBM, which could not be reached for comment this morning.
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San Francisco - It is reported that IBM is to sell its personal computer business in a deal that could be worth up to $2 billion and would cap a gradual withdrawal from the business it helped to pioneer in 1981.
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IBM's personal computer business, which it is selling to Lenovo Group of China, has lost money for the past 3 1/2 years.
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IBM and Lenovo Group plan to create a new US personal computer company that would own IBM&#39;s PC business, according to a report published Tuesday.