Lenovo in talks to buy Packard Bell
Lenovo has signed a memorandum of understanding "with an independent third party in relation to a proposed acquisition" of Netherlands-based Packard Bell, the company said in a statement to the Hong Kong Stock Exchange late on Tuesday.
Lenovo bought IBM's personal computer unit in 2005 and is still working towards unifying the acquisition with its established operations.
It announced in April plans to cut 1,400 jobs, or five percent of its global workforce. This is expected to result in about 100 million dollars cost savings in the year to March 2008.
Recent financial results suggested that Lenovo's struggle to integrate the IBM unit may have turned a corner.
The Chinese company reported a net profit of 66.84 million US dollars for the first quarter to June, a near 13-fold increase from a year earlier amid strong growth in PC shipments with a 30 percent increase in China.
Loading ...