updated 12:05 pm EDT, Fri April 4, 2008
lenovo sells cell business
The Lenovo Group sold its handset unit on March 31, the company announced on Thursday. The sale, valued at $100 million in January, was approved by Lenovo's shareholders on March 17. In January, executives decided that the world's fourth-largest PC manufacturer should focus on its core business. The buyer is believed to be an unnamed group of investors.
Lenovo has never sold phones in North America, instead focusing on its desktop and notebook computer business here. In China, the primary market, the company made $108 million on cell phone sales, representing just 2.4 percent of its total 2007 sales. In the first quarter of 2008, cell phone sales fell by nearly a third. [via Yahoo]