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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The company that has been synonymous with the term &quot;PC&quot; since it was first created is getting out of the PC business. According to a report in the New York Times, IBM is in talks with China&#39;s largest maker
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HONG KONG/SAN FRANCISCO  - IBM is selling its  PC-making business to China's largest personal computer  company, Lenovo Group Ltd., for $1.25 billion, marking the U.S.  firm's retreat from an industry it helped pioneer in 1981.
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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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The immediate future of the computer industry -- and its biggest players -- took center stage Tuesday after IBM announced it is selling its PC business to a Chinese technology giant.
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IBM (IBM:NYSE - news - research) is reportedly ready to exit the PC business, having long lost its dominance in the arena. The report said Lenovo Group, China&#39;s top PC company, is among the interested bidders.
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IBM sold off a chunk of its stake in Lenovo Group, leading the world's third-largest PC vendor to temporarily suspend trading of its shares in Hong Kong on Tuesday.
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BEIJING - China&#39;s largest personal computer maker, Lenovo Group Ltd, announced on Wednesday that it is buying control of IBM&#39;s PC-making business for US$1.25 billion, capping the US tech giant&#39;s gradual withdrawal from the business it helped pioneer in
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IBM Corp has signed a seven-year deal to manage the voice and data services of London, UK-based financial institution Lloyds TSB. The contract is estimated to be worth $972.5 million.
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IBM is considering pulling out of the personal computer business it founded - a sign of a big change in the way companies buy computers and a shift of power in the PC industry.
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IBM is expected to announce Tuesday after the close of the market an historic pact to sell its $11.5 billion PC business to China PC giant Lenovo, sources said.
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Lenovo Group, China&#39;s personal computer giant, Wednesday signed a definitive agreement with IBM to acquire Big Blue&#39;s personal computer
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IBM's decision to sell its PC business to China's Lenovo Group Ltd. underscores the challenges manufacturers face in the modern PC business, even for a company synonymous with the product.
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The landmark PC deal between IBM and the China-based Lenovo Group is expected to lead to a redistribution of OEM desktop- and notebook-PC orders among Taiwan makers, the Chinese-language Economic Daily News (EDN) reported today.
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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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By Simon London in San Francisco, Mure Dickie in Beijing and,Justine Lau and Francesco Guerrera in Hong Kong. Lenovo, China&#39;s largest computer supplier, announced a $1.75bn (Â£900m) deal to buy the PC unit
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BEIJING - Lenovo Group has agreed to pay US$1.25 billion ($1.75 billion) for IBM&#39;s personal computer business, lifting China&#39;s largest PC maker to third in global rankings and giving it a globally recognised brand.