p2pnet - rss feed: Lenovo turns to America
p2p news / p2pnet: IBM couldn’t make its PC business go, so it sold it to the Lenovo Group, Communist China’s largest computer maker, in a $1.25 billion deal.
Now Lenovo is back in the US and employing Americans at a time, ironically, when the country is under attack from the Cheney/Bush administration [read entertainment and software cartels] for copyright transgressions.
“North Carolina’s Governor Mike Easley announced that China-invested Lenovo will use US$84 million to build a research and development center in his state, creating 400 new jobs during the next five years,” says ChinaTechNews.
“The expansion in the town of Morrisville is made possible in part by a $750,000 One North Carolina Fund grant and a Job Development Investment Grant (JDIG). The average salary of the jobs is $70,000 a year plus benefits,” says the story.
“The county average for Wake County, where the center is to be located, is $39,572 excluding benefits. Easley’s office said, ‘If the company creates the jobs called for under the agreement and sustains them for 11 years, Lenovo could receive a maximum benefit of $8.4 million. In addition, the company is required to maintain its current employment level for the duration of the grant’.”
Chinese holding company Legend claims a 41% stake in Lenovo, and the biggest shareholder in Legend is the state-run Chinese Academy of Sciences, which has a 65% ownership of Legend.
Talk about selling ice-cubes to Eskimos ; )
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See:-
under attack - Hollywood, China, p2p meeting, October 26, 2005
ChinaTechNews - Lenovo Charms Americans With New Jobs And Investment, October 28, 2005
October 29th, 2005 at 7:43 am
Sounds great, too bad it’s in the USA or else I would have applied. (ps: I’m Canadian, so I guess I go work for some company in Canada, eh)…
October 29th, 2005 at 8:27 am
$1.25 billion more went out of the USA & $70,000 x 400 is coming back in jobs! Talk about unsound economic policy. & Americans wonder why the country’s broke/is going broke???
October 29th, 2005 at 11:53 am
Actually, that’s not the case. $1.25 billion went INTO the USA, plus IBM gets a huge share of Lenovo. And factoring in that PC/Laptops are now “commodities” with strong, STRONG competition (e.g. Acer, Toshiba, Gateway, IBM, etc, etc, etc, etc) and that IBM’s PC business was a LOSS and declining market share — they actually had it GOOD>>>>
I for one, would NOT have bailed out that dying division of IBM’s. Lenovo ALREADY builds EXCELLENT PC’s and Laptops, why would they want IBM’s division other than “brand name.”???? Check out Lenovo’s Cell Phone and you’ll understand what I mean….. simply AWESOME!!!!! ….drools…..