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Lenovo: IBM deal on schedule He made the remarks at a press conference for announcing the company's 2004/05 third quarter results Friday. While commenting on the progress of the acquisition, Yang said,"the progress is proceeding in an orderly manner as planned. Afterthe deal announcement, Lenovo and IBM have been discussing the transition with customers and business partners, sharing with themthe advantages of the transaction for customers in terms of future production innovation, quality and service." He said that "results of a recent customer survey show positive response to our outreach, with more than 90 percent of IBM customers indicating a favorable response regarding the deal. They confirmed that they are most interested in innovation and high quality, which IBM traditionally delivers and which are exactly what the new Lenovo will also deliver in the future." Yang said, "We are receiving an enthusiastic response from employees, of both Lenovo and IBM Personal Computer Division, to their future with the new Lenovo." On December 8, 2004, Lenovo and IBM announced a definitive agreement for Lenovo to acquire IBM's global personal computer business at US$1.25 billion. In the third quarter of the 2004/05 fiscal year, turnover of the group's core
business increased 4 percent, operating profits grew substantially at 19
percent. |
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