Lenovo, which is preparing to break ground for a third building at its global headquarters, won’t create jobs fast enough to qualify for $8.4 million in state incentives, The News & Observer reported Friday.

The world’s No. 3 PC manufacturer had been awarded the job-development incentives grants when it chose to build its campus in Morrisville. In the two years since buying IBM’s personal computing division, however, Lenovo has cut 300 of the 1,800 jobs that IBM workers once held in the Triangle.

To receive the grants, Lenovo needed to add 400 jobs by 2011.

"We have chosen to withdraw" from the grant program, Lenovo spokesperson Ray Gorman told the newspaper. "However, Lenovo is deeply committed to the state of North Carolina. It is home to our U.S. headquarters and the vast majority of our U.S. employees."