China’s Lenovo Group said it would take between three and five quarters to turn around the lossmaking Motorola handset business that it agreed to purchase from Google for $2.9bn.
Targeting a relatively quick recovery, the rosy sentiment was part of an effort by Yang Yuanqing, Lenovo chief executive, to assuage market concerns over the Chinese PC maker’s recent $5.2bn dealmaking spree, which included the $2.3bn buyout of IBM’s low-end server unit.
Mr Yang said the purchases were “not an aggressive action. Both deals fit with our strategy . . . We did not choose to do it this way, but the acquisitions are opportunity-driven”.
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