Information Technology News
- Lenovo not renewing Olympic contract
Date: 7-Dec-2007 Sources: (Xinhua Online)
BEIJING, Dec. 6 -- Lenovo Group, the only worldwide Olympic partner from China, said Tuesday it will not renew its sponsorship contract with the International Olympic Committee (IOC) after the Beijing 2008 Olympic Games.
'Lenovo's sponsorship of the Olympic Games in Torino and Beijing has helped the company build a global brand,' Lenovo, the world's third-biggest computer maker, said on its Website.
'As Lenovo grows, the company's marketing strategy is evolving to pinpoint opportunities that serve strategic needs in targeted geographies,' Lenovo added.
Lenovo's share price gained 0.15 percent to 88 U.S. cents while the Heng Seng Index jumped 1.61 percent yesterday.
There are different grades of Olympic sponsorship, of which global is the highest.
Acer Inc, which acquired Gateway for 710 million U.S. dollars, will probably become the top sponsor, but the company spokesman was not available for comment yesterday.
Lenovo is providing the technological backbone for the Beijing 2008 Olympic Games. The company is supplying more than 500 technicians and about 20,000 pieces of hardware infrastructure, including desktop and notebook PCs, servers and monitors, the largest hardware commitment to any Olympic Games in history. Lenovo is also the first worldwide sponsor to design an Olympic torch, having designed the one for Beijing.
Lenovo and the International Olympic Committee refused to disclose how much the company's sponsorship cost, but analysts estimate it paid 80 million dollars to 100 million dollars in cash and services for three years.
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