Lenovo Group Ltd., which is buying Motorola Mobility from Google Inc., plans to make the phonemaker profitable within four to six quarters without eliminating jobs, Chief Executive Officer Yang Yuanqing said.
Lenovo Group Ltd. Chief Executive Officer Yang Yuanqing took on personal loans to buy company shares in June, Chairman Liu Chuanzhi said in a conference call today. Yang’s investment displayed his confidence in the company and “a long term mentality,” Liu said.
Lenovo Group Ltd. agreed to buy Google Inc.’s Motorola Mobility phone unit for $2.91 billion, as the world’s largest personal-computer maker continues a buying spree of U.S. technology businesses. Lenovo fell 8 percent.
Lenovo Group Ltd. made the largest overseas technology acquisition by a Chinese firm this month when it acquired a server business from International Business Machines Corp. Repeating the trick less than a week later took a little help from Google Inc.