It turns out that IBM's decision to sell its PC and laptop division to Lenovo of China was even more of a genius move than we already thought. Prior to the sale, IBM's computer making business has been bleeding red ink for years, the company disclosed in a filing to the SEC.
The first six months of 2004 the unit lost $139m. Losses in the three years prior to that amounted to $285 m in 2003, $171 m in 2002 and $397 m in 2001.
Despite the embarrassing track record, Lenovo thought the IBM computer business was worth enough to spend $1.25 bn on it.
Would you settle for door locks or invest in a burglar alarm too?
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