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Shortly before IBM announced the end of an era, its China employees gathered in the conference room of the firm's Beijing office. There, company officials told them that IBM, which practically invented personal computers, would sell its PC unit to a Chinese competitor, Lenovo (formerly Legend). The 60 or so attendees learned that, upon joining Lenovo, they would become the backbone of the world's third biggest computer maker. Hours later, a proud headline in the online edition of the People's Daily summarized the $1.25 billion deal: "China's IT Industry Has Stood Up." Yet the mood...
...Lenovo began modestly. Launched in 1984 out of a concrete bungalow, Lenovo quickly grew into China's biggest computer company, commanding just over a quarter of the domestic market today. In 2001, IBM offered to sell its PC unit to Lenovo, but the Chinese firm wasn't interested. It instead launched new lines of handheld devices and corporate services that it thought would drive profits for a decade. Last year, however, those enterprises had a loss of $29 million. The company then reversed tactics and went down-market with "village computers" selling for $350 a pop. But that didn...
...Squeezed in China, Lenovo finally began talks with IBM, and an all-night negotiating session ended last Wednesday morning when the head of the Lenovo team sent a text message reading, "Everything is O.K.," to CEO Yang Yuanqing. Yang quickly approved a deal that gives Lenovo ownership of one of the world's most trusted brands. For the next 18 months, household-name products like ThinkPad will carry IBM's name. After that they'll switch to both the Lenovo and IBM brands, and in five years "there will be no more IBM personal computers," says Yang, who will leave...
...fair, Lenovo does gain some benefits from its foray abroad. Lenovo's new CEO will be the highly regarded IBM veteran Stephen Ward, who will steer the business from Lenovo's new headquarters in Armonk, New York?a convenient location from which to target the U.S. market. The breadth of Lenovo's product line will improve, too: it will offer clients IBM's upscale laptops, in addition to its own line of cheap desktop computers. And then there's the IBM name. "They are going to ride the coattails of the IBM brand," says Bryan Ma, a Singapore-based analyst...
Last year Harvard won an IBM Shared University Research award to develop the “Crimson Grid.” The project would turn all of the University’s networked computers into nodes of a massive supercomputer to assist in research with heavy processing demands...