You won’t see it in the media, but let me set the stage, then:
Personal computer manufacturer Lenovo (United States) Inc. is another example of a company that recently decided to locate a facility in North Carolina with the help of JDIG and One North Carolina Fund grants.
Lenova will invest $84 million to build a research and development center in Morrisville, just outside of Cary. The company plans to move the 1,820 workers currently housed in the former IBM offices in RTP to Morrisville when construction is complete in January 2007. The new jobs will bring Lenovo?s total North Carolina work force to more than 2,200 people.
How did all that taxpayer money pan out for North Carolina? Now
PC-maker Lenovo Group announced a $96.7 million quarterly loss Thursday as sales dropped in the global economic turmoil. Sales fell 20 percent in the three months ending Dec. 31 from the same period of 2007. Shipments in China fell 7 percent. Lenovo warned in January that it expected a quarterly loss due to a restructuring that would cut 11 percent of its work force, or about 2,500 jobs.
It is interesting that the media loves to broadcast NEW incentives, but never mentions them when the company fails to live up to the hype.
