IBM PC unit sold to Lenovo built up $1 bln deficit
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IBM&#39;s (IBM.N: Quote, Profile, Research) PC unit piled up nearly $1 billion in cumulative losses in recent years, the company said in a filing on Thursday detailing the planned sale of the business to China&#39;s Lenovo Group.
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IBM&#39;s (Quote, Chart) decision to sell its personal computing division to China&#39;s leading PC maker Lenovo for $1.75 billion spawned diverse reactions in the industry.
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The Lenovo Group, the personal computer maker, said its profit rose more than 600 percent in its latest fiscal year as it increased sales and restructured after its acquisition of I.B.M.âs PC unit. Profits were $161 million for the year, up from $22 million in the prior year. The Americas operations returned to profitability in the fourth quarter, meaning that all the global regions were profitable for the first time, the chief executive, William J. Amelio, said. Sales for the year, which ended March 31, rose 9.9 percent, to $14.6 billion, helped by strong sales of laptop and desktop computers in its home China market, Lenovo said. The company said its worldwide market share rose 0.2 percentage points, to 7.4 percent.
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IBM reportedly is selling its personal computer business for some $2 billion, possibly to China&#39;s Lenovo. Big Blue currently ranks a distant third in PC sales with a 6 percent market share, trailing
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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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BEIJING, Dec. 31 -- The biggest Chinese computer maker Lenovo Group acquired the personal computer unit of the world&#39;s largest information technology giant IBM on December 8 at a cost of US$1.75 billion.
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Squeezed at home, China&#39;s biggest computer maker, Lenovo, is buying IBM&#39;s money-losing PC business. But venturing abroad is fraught with risk.
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&quot;On behalf of the Board of the Lenovo Directors I am honored to announced to the world that Lenovo Group has bought IBM&#39;s PC division for US$1.25 billion.
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China&#39;s personal computer giant Lenovo Group Limited Wednesday signed an agreement with IBM to take over the latter&#39;s personal computer business for 1.25 billionUS dollars.
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Shares in Lenovo , which bought IBM's ailing personal computer business in 2005, dived more than 14 percent on Wednesday after a broker cut the Chinese firm to sell on growing fears of a U.S. recession.
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Lenovo Group Ltd. agreed to pay $1.25 billion for International Business Machines Corp.&#39;s personal computer business, lifting China&#39;s largest PC maker to third in world rankings and giving it a globally recognized brand.
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IBM is selling its PC-making business to China's largest personal computer company, Lenovo Group Ltd., for &#36;1.25 billion, marking the U.S. company's retreat from an industry it helped pioneer in 1981.
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U.S. computer firm IBM  raised US$123 million by selling about 3.5 percent of number three global PC maker Lenovo Group Ltd. , a term sheet showed, triggering a 7 percent share slide before a suspension kicked in.
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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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For China, the country&#39;s biggest computer supplier buying out a unit of IBM is more than just a business deal. Lenovo Group&#39;s decision to purchase IBM&#39;s PC group for $1.75 billion could be
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IBM Corp. is selling its personal computer business to China&#39;s largest PC maker in a $1.25 billion deal that marks the end of an era for the company that made &quot;PC&quot; a household word.
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IBM, the pioneer of the personal computer, is selling its PC hardware business to Chinese firm Lenovo.