- Lenovo is also a village in Plovdiv Oblast (district), Bulgaria.
Lenovo Group Limited (联想集团有限公司), formerly known as Legend Group Ltd and New Technology Developer Incorporated (SEHK: 0992), is the largest personal computer manufacturer in the People's Republic of China, and as of 2004 is the third largest in the world (ninth before purchase of IBM's PC Division). The company was incorporated in 1988 in Hong Kong, now a Special Administrative Region of China. Its headquarters are in Purchase, New York, in the United States.
"Lenovo" is a portmanteau word formed of "Le-" (from Legend) and "novo", pseudo-Latin for "new".
Along with desktop 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 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 Western 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, 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
Competitors
Lenovo competes with computer manufacturers such as HP/Compaq, Dell, Gateway, Toshiba and Acer among others.
Products
Lenovo makes a variety of products for sale in the United States, both under its own name and IBM's. [1] These products include:
See also
External links
References
- ↑ Lenovo Group. Lenovo Products - United States:. (.html) URL accessed on March 13, 2006.
The content of this page is retrieved from http://en.wikipedia.org/wiki/Lenovo under GFDL
