Lenovo Group |
: Lenovo is also a village in Plovdiv (region), Bulgaria.
Lenovo Group Limited (联想集团有限公司), formerly known as Legend Group Ltd and New Technology Developer Incorporated, is the largest personal computer manufacturer in the People s Republic of China, and as of 2004 is the eighth largest in the world. The company was incorporated in 1988 in Hong Kong, now a Special Administrative Region of China, and is partly owned by the Politics of the People s Republic of China. Its headquarters are in Purchase, New York, New York, in the United States.
Lenovo is a portmanteau word formed of Le- (from Legend) and novo , the Latin for new .
Along with Desktop computer and laptop computers, Lenovo sells servers, handheld computers, imaging equipment, and mobile phone handsets. Lenovo also provides information technology integration and support services, and its QDI unit offers contract manufacturing. Hoping to reach the many Chinese not yet online, Lenovo also offers Internet access through its [http://www.fm365.com/ FM365.com] portal.
=History=
=== IBM PC division purchase === Lenovo was relatively unknown outside China, but made news headlines in December 2004 with the announcement of its intent to acquire the PC division of IBM. Lenovo hoped to expand into The West markets to become the third largest PC manufacturer worldwide. Prior to the acquisition, Lenovo already controlled 25% of the Asian market, largely due to its ability to sell computers at low prices and China s high tariffs on imports. Lenovo paid $1.25 billion to IBM, splitting into $650m cash and $600m Lenovo stock.
On March 9 2005, it was announced that the Committee on Foreign Investment in the United States has completed its review of the deal. IBM and Lenovo completed the deal on 1 May 2005. As a result of the acquisition Lenovo s product line includes the ThinkVision, ThinkPad, ThinkVantage, ThinkCentre, IBM Aptiva and NetVista. As of May 1 2005 35.2% of Lenovo was owned by public shareholders, 45.9% by Legend Holdings Limited, and 18.9% by IBM.
= Financial information =
In 2003 revenue was $2.59 billion, which was less than United States PC vendors like IBM (92.84B), Hewlett-Packard (78.37B), Dell, Inc. (45.38B), and Apple Computer (6.2B). In March 2005, the company announced that it intended to list its stock on the New York Stock Exchange. [http://www.nytimes.com/cnet/CNET_2100-1044_3-5628552.html]
= Competitors =
Lenovo competes with other computer manufacturers such as Alienware, HP/Compaq, Dell, Inc., Gateway and Toshiba among others.
= Products =
Laptop Computers
= See also =
*List of Chinese companies *List of the world s largest companies
= External links =
*[http://www.lenovo.com/ Lenovo] *[http://www.ibm.com IBM] *[http://www.ibm.com/ibm/us/en/pcannouncement/ IBM and Lenovo] *[http://biz.yahoo.com/ic/56/56726.html Yahoo! - Lenovo Group Limited Company Yahoo Profile]|
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