Hungarian Investment Promotion Agency

Lenovo was founded in 1988 in Hong Kong and gained global significance in 2004 after acquiring IBM's personal computer business. Later, 2014 marked another milestone with the acquisition of IBM's Intel-based server business. The company, which is listed on the Hong Kong Stock Exchange, employs about 63,000 people in over 180 countries around the world. Its head office is in Hong Kong, but the company has key operational centres in Beijing and Morrisville (US).

Prior to this announcement Lenovo's presence in Hungary was based solely on trade, with a staff of 80. Over the past years, however, considerable capacity has been dedicated to the manufacturing of Lenovo products in Hungary, with the involvement of various partners. In the framework of this, besides supplying the domestic market products were exported to EMEA countries too.

Thanks to Lenovo's investment the electronics industry, which is already strong in our country, is further improving. As a result of a two-digit growth of 12.6% the sector's production value came to around HUF 5,713 billion in 2019, currently giving work to almost 150,000 employees. The sector builds on export. In 2019 as much as 93.5% of its total revenue was realised through export activities, which surpasses the whole manufacturing sector's respective value of 72.5%.