(ATR) Lenovo will continue to be the brand associated with the companyâ??s worldwide sponsorship of the Olympics, a marketing official with the IOC tells Around the Rings.
The Chinese company has sealed a deal to purchase IBMâ??s personal computer line for $1.2 billion, a move which includes the rights to sell computers under the IBM name for the next five years.
But the IOCâ??s Karen Webb says Lenovo remains the brand that will be associated with the firmâ??s sponsorship of the 2006 and 2008 Olympic Games.
Lenovo branded PCâ??s and laptops are now taking their place in the offices and operations of the IOC and the upcoming organizing committees. The company became the first Chinese firm to become a worldwide Olympic sponsor in March, filling a gap left by the departure of IBM as an Olympic sponsor in 2000.
While there is speculation that under this deal the IBM brand might be back in the Olympics, Lenovo is seeking to become known on its own, with designs on becoming the worldâ??s largest PC manufacturer. The purchase of the IBM product line will move Lenovo from eighth to third place among the worldâ??s computer manufacturers.
Webb says the IOC was kept in the loop by Lenovo about its pending acquisition and that the reaction from the IOC to the move is positive.
â??By expanding its market in the U.S. and Europe, Lenovo should be able to be able to better service the Olympics,â? she says.
Lenovoâ??s PC group, currently based in Beijing, will now be headquartered in New York City. The acquisition is expected to be completed by the second quarter of 2005.
Yang Yuanqing, currently Lenovo vice chairman, president and CEO, will become chairman of the companyâ??s PC business. Stephen M. Ward, Jr., currently IBM senior vice president and general manager of IBM's Personal Systems Group, will serve as the chief executive officer.
More news of the week in the December 10 issue of Around the Rings, for subscribers only.
Now online, an Around the Rings Special Edition: Spotlight on 2012, with the latest on the campaign for the 2012 Olympics. Find it at www.aroundtherings.com
(Copyright 2004, all rights reserved. The information in this report may not be published, excerpted, or otherwise distributed in print or broadcast without the express prior consent of Around the Rings.)
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