Lenovo Sells Phone Unit

The Lenovo Group, the personal computer maker, said Thursday that it planned to sell its slumping cellphone unit so that it could focus on its personal computer business.

Hony Capital, a private equity fund controlled by Lenovo’s parent, Legend Holdings, will buy the phone unit for $100 million.

Lenovo also reported that net income rose to $171.7 million, or 1.76 cents a share, in the third quarter, from $57.7 million, or 0.64 cent, a year earlier.

[source : nytimes]