IBM Personal Computer Business
Lenovo made its acquisition of IBM's personal computer business in 2005 amid a backlash in Congress against Chinese companies trying to purchase American businesses. Chinese oil company CNOOC abandoned its attempt to buy Unocal and appliance maker Haier Group ended its efforts to acquire Maytag. Lenovo has maintained a substantial research and development presence in North Carolina. Lenovo's acquisition of IBM's personal computer division accelerated access to foreign markets while improving both its branding and technology. Lenovo paid $1.25 billion for IBM's computer business and assumed an additional $500 million of IBM's debt. This acquisition made Lenovo the third largest computer maker worldwide by volume.
Speaking of the purchase of IBM's personal computer division Liu Chuanzhi said, "We benefited in three ways from the IBM acquisition. We got the ThinkPad brand, IBM's more advanced PC manufacturing technology and the company's international resources, such as its global sales channels and operation teams. These three elements have shored up our sales revenue in the past several years."
Read more about this topic: Lenovo, History, Mergers and Acquisitions
Famous quotes containing the words personal, computer and/or business:
“[The election] ... was an event in which, so far as the personal side is concerned, the victory was to him who lost and the defeat to him who won. I can say that never in the last fifteen years have I had the peace of mind that I have since the election. I have almost a feeling of elation.”
—Herbert Hoover (1874–1964)
“The computer takes up where psychoanalysis left off. It takes the ideas of a decentered self and makes it more concrete by modeling mind as a multiprocessing machine.”
—Sherry Turkle (b. 1948)
“Like a man to double business bound,
I stand in pause where I shall first begin,
And both neglect.”
—William Shakespeare (1564–1616)