Chinese firm Lenovo has completed the acquisition of IBM’s personal computing division, and has now become the third largest PC manufacturer in the world behind Dell and HP.
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The expanded $13bn (£7.22bn) turnover company now plans to introduce a new range of desktops and will keep the IBM Thinkpad brand for a new line of laptops.
“Lenovo is well-positioned with competitive strengths in branding, world-class scale and industry-leading efficiency,” said Lenovo chief executive Stephen Ward.
“Lenovo’s leading R&D and global distribution network – through our unique alliance with IBM – give us a powerful competitive position in global markets. Within weeks we will be introducing new products as the new Lenovo,” he said.
Lenovo paid IBM $1.25bn in cash and Lenovo shares for the PC division. IBM has a 19% stake in Lenovo.