Word: lenovo
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...Shih had plenty of reasons for pessimism. The brutally competitive computer industry last year claimed even mighty IBM, which sold its PC division to China's Lenovo. But Acer has not only survived; it is thriving. After an embarrassing retreat from the vital U.S. retail market in 1999, Acer has since rebounded to become the No. 5 computer brand in the world. While global PC sales were up 14.7% overall last year, Acer grew at a 34.5% clip, meaning the company is gaining ground on the top four: Dell, HP, IBM and Fujitsu Siemens. "Most people couldn...
...Kind of Blue? Last week, as it shed its personal computer past by finalizing the $1.25 billion sale of its PC division to China's Lenovo, IBM reaffirmed its transformation into an IT services provider - which also meant shedding 10,000 to 13,000 staff in Europe by the end of June. Lower profits and high labor costs have forced IBM to rationalize a business structure that has changed little in decades. Some of the 2,800 staff at IBM's customer service base at Greenock in Scotland are likely to go, as are many marketing and management jobs...
...recent high-profile examples: Chinese computer giant Lenovo three months ago announced that American Stephen Ward, a senior vice president at IBM, would become its new CEO as part of its acquisition of IBM's PC-manufacturing business. When the deal is complete, Ward, a 26-year IBM veteran, will run Lenovo from his headquarters outside New York City, far from Lenovo's home base in Beijing. In September, Acer, Taiwan's best-known computer maker, tapped Italian Gianfranco Lanci to be its president. Lanci earned the post after spearheading a major turnaround of Acer's business in Western Europe...
...resignation came a week before HP was due to report earnings--a report that the company acknowledges will meet Wall Street's estimates. But the guillotine blade began its descent in December, when IBM decided to sell its money-losing personal-computer business to Lenovo, a Chinese company. IBM had concluded that a PC was a commodity, little more than a toaster that also does long division, and its decision to get out of the business spotlighted Fiorina's opposite bet. Under her command, HP in 2002 spent $19 billion buying Compaq, largely to expand its position...
...including CNOOC, must increase their sources of supply. Unocal is the ninth largest U.S. oil company in terms of its oil reserves. But economists fear that, due to government pressure and national pride, managers will go for deals with inadequate regard for long-term corporate health. To keep growing, Lenovo needed to reach markets beyond the highly competitive domestic electronics sector, and buying IBM's PC unit gives the company control of one of America's most respected brands. But Lenovo's share price in Hong Kong has fallen 21% since the deal was announced in December. Investors are questioning...