PC Maker Lenovo Cuts 11% of Workforce

Lenovo, the world’s 4th largest manufacturer of PCs, will cut 11% of its global workforce, after the company forecast its first loss in 11 quarters.

China’s biggest personal-computer maker, with headquarters in Beijing, Hong Kong and Morrisville, North Carolina, will eliminate about 2,500 jobs, for a savings of about $300 million in the fiscal year ending March 2010.

The manufacturer of Thinkpad laptops will reduce executive compensation by 30 to 50% as part of measures to reorganize its business. It will also combine its China and Asia Pacific units.

Lenovo, aka Liánxiǎng Jítuán Yǒuxiàn Gōngsī, is the world’s fourth-biggest PC maker by market share after Hewlett-Packard, Dell and Acer. Incorporated in Honk Kong, it was founded in 1984.