Yesterday, while the Westchester delegation was en-route toChina, Lenovo Group Ltd.--which purchased the personal computerdivision of IBM last May in a $1.25-billion deal--reported it wasrelocating its worldwide headquarters from 38,798 sf of subleasespace at One Manhatttanville Rd. to Morrisville, NC. The corporateheadquarters move was announced as part of a cost-cutting program,which included the elimination of 1,000 jobs worldwide. The companystates that moving its corporate headquarters offices will save thecompany time and money and will have its executives located closerto its manufacturing operations.

The company plans to take a charge of approximately $100 millionin relation to the restructuring plan, most of which will be takenin the firm's fourth fiscal quarter, which ends March 31. Therestructuring is expected to save Lenovo $250 million in the nextyear.

"The resource reductions that are part of this plan are, withoutquestion, the most difficult part of our program," says Lenovopresident and CEO William J. Amelio. "We have thoroughly examinedLenovo's competitive position, and it's clear that for the futureof the company, we have to take these actions."