Word: lenovo
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George He hasn't gotten used to working with Americans. The chief technology officer of PC maker Lenovo has had to deal with a lot of them since the Chinese company acquired the computer-manufacturing business of U.S. giant IBM last year. On his monthly jaunts to Lenovo's new global headquarters in Raleigh, N.C., He, 43, complains there "aren't so many good Chinese restaurants." But he finds the cocktail parties that precede business dinners even harder to endure...
Catching up on college rivalries is the least of the challenges facing Lenovo's managers. Once little known outside China, Lenovo catapulted to No. 3 in the world PC market (after Dell and Hewlett-Packard) with its $1.75 billion IBM purchase. The acquisition, the most high-profile overseas grab by a Chinese firm, horrified many Americans, who saw a rising China set to gobble up flagship industries in the U.S. After all, IBM virtually invented the PC 25 years...
...retreat, the unit had lost nearly $1 billion in 3 1/2 years. Much of IBM's sales were in a slow-moving segment of the PC market--large shipments to major companies--and IBM hadn't fully tapped the more robust small-business and consumer markets. As a result, Lenovo's PC shipments have grown more slowly than the industry average for four of the past five quarters. That lopsided business, says William Amelio, Lenovo's CEO, makes him "feel like I'm hopping...
...emerging Asia conglomerate in 2000 when the most Indian of brands bought one of the most English, Tetley Tea. At $435 million, the deal was the biggest in Indian history, and it presaged a wave of international expansion by Indian and Chinese businesses like Mittal Steel and Lenovo. For Tata, entering the West was not an end in itself. Buying Tetley was simply a way to grow Tata Tea. "We look for the acquisition of companies that fill a product gap or have a strategic connection with what we do, wherever that company might be," says Tata. Says Rothschild...
...surging trade surplus and huge holdings of dollar reserves, CNOOC's action is called the "go out" strategy: for the past two years, the Beijing government has been urging Chinese firms to expand their presence in overseas markets. Some have begun to respond. Late last year computer giant Lenovo bought the high-profile but money-losing personal-computer business from IBM for $1.75 billion. Prior to that, TCL, a consumer-electronics maker, bought the RCA TV business from French giant Thomson. And all the while, Chinese energy companies have been making deals with governments and private companies, desperately trying...