IBM quits PC manufacturing in Â£900m deal
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IBM has sold its computer making business to Lenovo Group, the Chinese technology company, in a $1.75 billion (Â£900 million) deal, signalling an exit from the PC market it helped create in the 1980s.
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IBM said late Tuesday that it will sell its personal computer division, transferring an iconic brand to a Chinese rival that also will absorb about 2,000 local workers.
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IBM has reached an agreement in principle to sell its personal computer business to Lenovo, China&#39;s largest PC maker, in a deal valued at between $1 billion and $2 billion, people close to the negotiations said Monday.
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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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International Business Machines Corp., one of the worldâs largest personal computer makers, announced its partnership with British bank, Lloyds TSB.
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The largest computer company in China, the Lenovo Group, has bought a majority stake in the PC-making business of the multinational IBM.
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The deal includes almost 70,000 VoIP telephones and will reduce Lloyds&#39; network costs, IBM said. The announcement comes on the heels of reports that IBM is exiting the personal computer business.
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The computer giant hands off its personal-computer business business to a Chinese firm
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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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In unloading its personal computer business for $1.75 billion to a Chinese company, IBM managed to keep the division's most profitable pieces -- services and support. The onus is now on buyer Lenovo Group Ltd. to improve the businesses' notoriously thin profit margins, and the skeptics are many.
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IBM will sell its once vaunted personal computer business to Lenovo Group Ltd., the leading computer maker in China.-The Washington Post
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BEIJING: IBM is selling its personal computer making business to China&#39;s largest PC producer, Lenovo Group Ltd, for US$1.25bil, marking the US giant&#39;s retreat from an industry it helped pioneer in 1981.
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The deal makes the Chinese company the world&#39;s third biggest PC maker and pushes IBM to the sidelines of a field it once ruled.
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, 12/8/2004. IBM&#39;s awaited personal computing division sale to Lenovo Group Ltd. became official this morning with an announcement that Big Blue will pass the unit to China&#39;s number one PC maker for $1.75 billion.
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IBM, the pioneer of the personal computer, is selling its PC hardware business to Chinese firm Lenovo.
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IBM, the company that transformed personal computers from a hobby to an industry with the introduction of its PC line in 1981, will bow out of the increasingly low-margin market through a partnership
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IBM, the pioneer of the personal computer, is selling its PC hardware business to number one Chinese computer maker Lenovo.