Lenovo third-largest computer maker worldwide by volume. In regards to the purchase of IBM's personal computer division, Liu Chuanzhi said, "We benefited in three ways from the IBM acquisition. We got the ThinkPad brand, IBM's more advanced PC manufacturing technology and the company's international resources, such as its global sales channels and operation teams. These three elements have shored up our sales revenue in the past several years." IBM acquired an 18.9% shareholding in Lenovo in 2005 as part of Lenovo's purchase of IBM's personal computing division. Since then, IBM has steadily reduced its holdings of Lenovo stock. In July 2008,
Lenovo on carriers to sell its phones, its phones lacked strong branding and unique features to distinguish them in the competitive Chinese market where a weak economy and saturated market is slowing demand and the culture clash between a more hierarchical PC company and the need to be nimble to sell rapidly-evolving smartphones. In response to the weak sales, Lenovo announced in August 2015 that it would lay off 3,200 employees, mostly in its Motorola smartphone business. In the reorganization which followed, Lenovo was uncertain how to brand its Motorola smartphones. In November 2015, members of Lenovo management made statements that