Dear IBMer：

I have important news to share with you.

Today we announced a definitive agreement with the Lenovo Group， China's largest manufacturer and distributor of personal computers. Lenovo will acquire IBM's Personal Computing Division， creating the third-largest PC business in the world. Headquartered in New York， Lenovo's new PC business will be our preferred supplier of IBM- and Think-branded PCs. This will allow us to continue to provide our clients with end-to-end integrated solutions —— but with the advantages of a PC business with unique and powerful capabilities： significant economies of scale， global distribution channels， strong brand recognition， an experienced and expert management team and workforce， and number one market position in the world's fastest growing IT market. In addition， IBM will be Lenovo's preferred services and financing provider. IBM will hold an 18.9 percent equity stake in Lenovo.

Today's announcement is the latest action we have taken in recent years to reposition IBM for leadership in a rapidly changing industry. For some time we have said that there are two ways to create long-term value for clients and shareholders in the IT industry： Invest heavily in R&D and be the high-value innovation provider for enterprises， or differentiate by leveraging vast economies of scale， high volumes and price.

IBM is an innovation company. We are committed to being the premier IT solutions partner for enterprises of all sizes， in all industries. This business model requires that we continuously create intellectual capital and that we reinvent everything we do —— our technologies， products and services， our culture and our portfolio of businesses. This has been the hallmark of our company and has enabled IBM to grow and to lead countless product and technology cycles over many decades.

Today， computing and its uses are again changing radically —— to what we've been describing as on demand business. This is opening up tremendous opportunities for IBM， and it's why we have invested billions of dollars in recent years to strengthen our capabilities in hardware， software， services and core technologies focused on transforming the enterprise. At the same time， the PC business is rapidly taking on characteristics of the home and consumer electronics industry， which favors economies of scale， pricing power and a focus on individual users and buyers. These are very different business and economic models， and they will diverge even further in the years ahead.

By combining our personal computing division with its own， highly complementary business， Lenovo will be much better positioned to capture the opportunities in the PC industry. Lenovo is committed to investing in， growing and winning in PCs. Lenovo will be a formidable competitor， and our alliance gives IBM an even stronger position in China， while strengthening our brand presence there.

Of course， IBM will continue to play a significant role in creating innovations for individuals —— and not only through the broad PC alliance we are announcing today. As you know， our company is investing heavily to create the computing platform of the future. Our microprocessors and open software technologies underpin the next-generation on demand infrastructure， which will extend from the enterprise to the home to the mobile product to an expanding array of connected devices. In just the past couple of weeks， we've made significant announcements about advanced microprocessors we are developing in partnership with some of the world's leading consumer electronics companies， as well as initiatives to broaden adoption and support for these open platforms.

We are excited by today's announcement and how it further positions IBM for leadership in the days and years ahead.

Sam Palmisano

Chairman and Chief Executive Officer

(英汉对照)

IBM亲爱的员工们，我有重要的消息和你们分享。

今天（注：北京时间8日）我们宣布了与中国最大的个人电脑制造商和分销商-联想集团之间决定性协议。联想取得IBM全球个人电脑事业部，创立全球第三大个人电脑厂商。

总部位于纽约，联想公司新的个人电脑业务将是IBM首选的个人电脑供应商。这样我们可以继续提供客户端到端的综合服务-伴随个人电脑业务独特和强大能力的优势：重要的规模经济、全球分销渠道、强烈的品牌认同，一个有经验的具有专业管理能力的团队和员工，以及在世界发展最快的IT市场占有的一流地位。此外，IBM将是联想优先考虑的服务商和财政支持方。IBM将持有联想大约18.9%的股份。

今天的合作，是近年来，在迅速变化的业界内，我们重新确定IBM领先地位的最新动作。我们过去已经说过，可以采用两条途径，为客户和股东创造在IT行业内创造长期价值：大量投资R&D和企业的高品质创新，或者是通过大型规模经济来制造高容量和高品质的产品。

IBM是个创新的公司。我们致力于成为一流的IT服务商，为所有行业领域的各种规模的企业提供服务。这一经营模式要求我们不断开创智力资本，同时对所做的一切事情进行再创造――我们的技术、产品和服务，我们的文化以及我们的业务量。这是我们公司的品质证明，是IBM成长并且在过去几十年产品和技术领域的领先根本。

今天，计算机和它的使用再次发生大规模变化—我们将其描述为按需要的业务。摆在IBM面前的是巨大无比的机会，这也是为什么我们投资了数十亿美元，加强我们在硬件、软件、服务以及核心技术方面的能力，重点关注公司转型。与此同时，个人电脑业务迅速的在家用和消费类电子产业上显示出不同特点，这些得益于规模经济、价格动力以及对个别使用者和购买者的关注。这些非常不同的业务和经济模式，在未来的一些年里会出现更大的分化。

通过将我们的个人电脑事业部与他们自有的、高度互补的业务相结合，联想将会有更好的定位，得以捕捉个人电脑领域的机会。联想致力于个人电脑业务投资、从中得到发展和盈利。联想将是一个强大的竞争者，当我们在中国加固我们的品牌地位的时候，（与联想的）合作给了IBM更强大的地位。

当然，IBM将继续在个人电脑创新方面扮演重要的角色-不仅仅是通过今天所宣布的广泛的个人电脑业务联盟。正如你们所知，公司对于未来计算机平台的创新投入巨大。我们的微处理器和开放的软件技术，支持新一代的需求结构，将来的需求会从企业拓展到家庭，到手机产品、到外延拓展的接触设备。

我们为今天的协议宣布感到兴奋，兴奋于IBM未来的日子里在领先的位置上重新定位。

Sam Palmisano

IBM董事会主席&首席执行官