Tramford Intl Up; Sells Security Products To Lenovo Group
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NEW YORK (Dow Jones)--Shares of Tramford International Ltd. (TRFDF) rose nearly 50% Wednesday, on news that a customer agreed to acquire the personal-computer business of International Business Machines Corp.
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Lenovo Group said its net income almost tripled during its third fiscal quarter, thanks to strong demand for its computers and a weak U.S. dollar.Lenovo&#39;s sales during the quarter came to $4.6 billion, up 15 percent over the same quarter a year earlier, the company said in a filing with the Hong Kong stock exchange on Thursday. The company reported net income of $172 million for the quarter, compared to $58 million a year earlier.The results announcement came late. Lenovo was originally scheduled to report its financial results on Wednesday, but missed a filing deadline with the Hong Kong stock exchange that forced the company to delay releasing its results by one day, it said in a statement.Third-quarter PC shipments rose 22 percent compared to the previous year, which Lenovo said outpaced the industry average of 16 percent. That growth likely grew Lenovo&#39;s share of the global PC market from 7.1 percent to 7.5 percent, the company said.China continued to be Lenovo&#39;s strongest market, with shipments up by 25 percent during the third quarter. Strong desktop PC sales boosted shipments in the Americas by 15 percent, while the company saw 24 percent growth in Europe, the Middle East, and Africa. Strong demand in India helped boost shipments in Asia-Pacific, excluding China, by 20 percent, it said.Looking ahead, Lenovo noted that the economic outlook is uncertain, but said continued strong demand for PCs in Asia and emerging markets elsewhere means PC shipments will continue to see double-digit growth. The company is counting on the expansion of consumer PC and server sales into markets outside China to give it a boost in the months ahead.Lenovo also announced plans to sell its mobile-phone business, which saw phone shipments decrease by 31 percent during the fiscal third quarter. A group of private-equity investors will buy the business in a deal valued at $100 million, Lenovo said in a separate filing with the Hong Kong stock exchange.
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Lenovo Group&#39;s takeover of IBM&#39;s personal computer business is a giant step in a multibillion-dollar foreign expansion by China, which is buying auto, television and telecommunications companies abroad.
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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's Lenovo Group Ltd. has agreed to acquire IBM's personal computing division for $1.25 billion in cash and equity, a move expected to transform it into the world's No. 3 PC 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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China's largest personal computer maker, Lenovo Group Ltd., said on Tuesday it was in acquisition talks with a major technology company, which a source familiar with the situation said was IBM.
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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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China&#39;s largest personal computer maker, Lenovo Group Ltd. (0992.HK: Quote, Profile, Research) , said on Wednesday it is buying control of IBM&#39;s PC-making business for $1.25
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Lenovo Group Limited and IBM have announced a definitive agreement under which Lenovo will acquire IBMâs Personal Computing division to form the worldâs third largest PC business, bringing IBMâs leading enterprise-class PC technologies to the
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China's biggest computer maker, Lenovo Group, said Wednesday it has acquired a majority stake in International Business Machines Corp.'s personal computer business for &#36;1.75 billion, one of the biggest Chinese overseas acquisitions ever.
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China's biggest computer maker, Lenovo Group, said today it has acquired a majority stake in International Business Machines Corp.'s personal computer business for $1.25 billion, one of the biggest Chinese overseas acquisitions ever.
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HONG KONG (Dow Jones)--Lenovo Group Ltd. (0992.HK), China&#39;s largest computer company, confirmed it is in acquisition talks with a major international information technology company.
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Lenovo Group Ltd., the world's No. 4 personal computer maker, said Wednesday its profits grew nearly sevenfold in its latest fiscal year as it boosted sales and restructured following its acquisition of IBM Corp.'s PC unit.
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China&#39;s Lenovo Group is in talks with a major international IT company regarding an acquisition, it said in an announcement to the Hong Kong Stock Exchange on Tuesday.
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(InfoWorld) - Just two weeks after expanding its relationship with Best Buy, Lenovo GroupÂ said Wednesday it will try to win even more U.S. small business customers by selling its notebook PCs at Circuit City's retail shops. In both deals, customers will be able to buy Lenovo's ThinkPad T60 widescreen and Lenovo N100 notebook PCs. Circuit City will also sell extra variations of those models in its stores, and the C200 notebook over its Web site and the phone. The move makes Lenovo notebooks available to shoppers at Circuit City's 700 U.S. stores and Best Buy's 300 "Best Buy for Business" stores. The deal could reach even more consumers in 2008, when Best Buy plans to build 95 new stores in the U.S. Lenovo made the move because it sees a trend of more small business users purchasing their PCs at retail outlets instead of channels or online, according to a statement from Steve Mungall, Lenovo's vice president for worldwide and Americas channels. If it succeeds, the plan could help Lenovo return to profit after several weak quarters. The company relies strongly on revenue from China and Europe, while sales in the Americas have declined with a slump in enterprise demand. The company was also shaken earlier this month byÂ the sale of 300 million Lenovo shares by IBM, its second-biggest shareholder and the original owner of Lenovo's ThinkPad PC line. However, while Lenovo is making a wise move in using retail stores to reach small business buyers, it will face new challenges, one analyst said. Because retail stores attract a full spectrum of buyers, Lenovo must improve its marketing and product features to succeed. "Retail is a blunt sword to capture those customers as opposed to the sharp edge they are normally used to. Being in stores like Best Buy, Circuit City, and Office Depot means they need to be priced competitively against the more consumer-focused offerings on the shelf," said Stephen Baker, vice president of industry analysis for the NPD Group. To succeed with this strategy, Lenovo will have to sell PCs designed for both consumers and small businesses instead of the business-focused notebooks they have now. "Bottom line is they are entering a very tough segment with products that are trying to focus narrowly in a wide atmosphere. I suspect that they will be severely challenged to profitably expand their business to the customers they are interested in with this channel strategy," Baker said. In the meantime, Lenovo is sticking with its business focus. The company advertises the T60, with a weight of 5.1 pounds (2.3 kilograms),Â as the lightest 15.4-inch widescreen notebook available from the top five vendors. And Lenovo pitches the N100 to small business customers who want improved Wi-Fi for greater range and faster speeds in wireless connectivity. For Circuit City sales, both models come preloaded with Microsoft's Windows Vista Home Basic or Premium OS, while the online version of the T60 uses Vista Business. Â
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Late Tuesday, IBM announced that it&#39;s selling its PC business to Lenovo Group Limited, the leading PC brand in China. IBM&#39;s current PC business ranks a distant third behind Dell and HP