Lenovo announced plans today to drastically reduce IBM’s share of ownership in the PC company which recently acquired IBM’s PC division that is based in RTP.
Lenovo said it would buy back 435.7 million shares it had issued to IBM as part of the deal. The deal would produce $152 million in additional cash for IBM and reduce IBM’s ownership to 13 percent from nearly 17 percent, according to The Associated Press.
On Wednesday, meanwhile, IBM announced that it was cutting between 10,000-13,000 jobs in its European operations. The cuts would reduce IBM’s workforce by as much as 4 percent. IBM said it would take a charge of $1.3-1.7 billion to cover the costs.