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Dear IBMer:
I have important news to share with you.
Today we announced a definitive agreement with the Lenovo Group, China's lar
gest manufacturer and distributor of personal computers. Lenovo will acquire IBM
's Person al Computing Division,creating the third-largest PC business in the wo
rld. Headquartered in New York, Lenovo's new PC business will be our preferred s
upplier of IBM and Think-branded PCs. This will allow us to continue to provide
our clients with end-to-end integrated solutions -- but with the advantages of a
PC business with unique and powerful capabilities: significant economies of sca
le, global distribution channels, strong brand recognition, an experienced and e
xpert management team and workforce, and number one market position in the world
's fastest growing IT market. In addition, IBM will be Lenovo's preferred servic
es and financing provider. IBM will hold an 18.9 percent equity stake in Lenovo.
Today's announcement is the latest action we have taken in recent years to r
eposition IBM for leadership in a rapidly changing industry. For some time we ha
ve said that there are two ways to create long-term value for clients and shareh
olders in the IT industry: Invest heavily in R&D and be the high-value innovatio
n provider for enterprises, or differentiate by leveraging vast economies of sca
le, high volumes and price.
IBM is an innovation company. We are committed to being the premier IT solut
ions partner for enterprises of all sizes, in all industries. This business mode
l requires that we continuously create intellectual capital and that we reinvent
everything we do -- our technologies, products and services, our culture and ou
r portfolio of businesses. This has been the hallmark of our company and has ena
bled IBM to grow and to lead countless product and technology cycles over many d
ecades.
Today, computing and its uses are again changing radically -- to what we've
been describing as on demand business. This is opening up tremendous opportuniti
es for IBM, and it's why we have invested billions of dollars in recent years to
strengthen our capabilities in hardware, software, services and core technologi
es focused on transforming the enterprise. At the same time, the PC business is
rapidly taking on characteristics of the home and consumer electronics industry,
which favors economies of scale, pricing power and a focus on individual users
and buyers. These are very different business and economic models, and they will
diverge even further in the years ahead.
By combining our personal computing division with its own, highly complement
ary business, Lenovo will be much better positioned to capture the opportunities
in the PC industry. Lenovo is committed to investing in, growing and winning in
PCs. Lenovo will be a formidable competitor, and our alliance gives IBM an even
stronger position in China, while strengthening our brand presence there.
Of course, IBM will continue to play a significant role in creating innovati
ons for individuals -- and not only through the broad PC alliance we are announc
ing today. As you know, our company is investing heavily to create the computing
platform of the future. Our microprocessors and open software technologies unde
rpin the next-generation on demand infrastructure, which will extend from the en
terprise to the home to the mobile product to an expanding array of connected de
vices. In just the past couple of weeks, we've made significant announcements ab
out advanced microprocessors we are developing in partnership with some of the w
orld's leading consumer electronics companies, as well as initiatives to broaden
adoption and support for these open platforms.
We are excited by today's announcement and how it further positions IBM for
leadership in the days and years ahead.
Sam Palmisano
Chairman and Chief Executive Officer |
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