Английский язык. Практический курс для решения бизнес-задач - стр. 34
Although it’s unlikely Dell would exit the printer business if HP spun off its printer operation, Dell would have much less incentive to wage price wars, making life easier for the stand-alone HP printing business. And rivals such as IBM and Dell could resell HP’s equipment or license its technology. «If HP separated their businesses today, and the imaging and printing business was its own entity, I would bet we would be partners because they’re a source of technology,» says Tim Peters, VP at Dell.
Going Shopping? HP’s corporate computing businesses could also benefit from standing on their own. Although investors are valuing the nonprinting operations at next to nothing now, these units generated $1.4 billion in operating profit in 2004. Merrill Lynch’s Milunovich figures that the businesses, if they were independent, could be worth $18 billion to $21 billion. Milunovich predicts that without the protection of the cash-cow printing business, managers would respond to acute pressure to revamp its sales, upgrade tech systems, and divest declining businesses.
HP’s services division also needs a lift. With $14 billion in revenues, this group helps corporate customers manage new information systems. Yet HP struggles in services against IBM, whose service division is three times bigger. While more than 60% of HP’s services business comes from low-end customer support and maintenance, some 70% of Big Blue’s service revenues come from business consulting and strategic outsourcing, really high-margin deals. IBM strengthened its high-end consulting services through the $3.5 billion purchase of PricewaterhouseCoopers Consulting in 2002 – a purchase Fiorina rejected at a lower price.
As Fiorina completes a half-decade atop HP, the excitement of the early years has faded. The charismatic and determined CEO who set out to build a titan has now assumed a defensive posture and is working to keep her creation in one piece. For success, she must tackle HP’s stubborn operational glitches. This will require every ounce of her guile, passion, and boldness. But at this point, her choices are stark: The only way to defend the sprawling HP she has built is to fix it. Until she does, the calls for the breakup of a Silicon Valley icon will only grow louder.
Source: Business Week (online), December 13, 2004 (abridged)
Essential Vocabulary
1. rebound n – отскок, отдача, реакция; восстановление
rebound v – отскакивать; иметь обратное действие; воспрянуть, оживиться
2. tax rate – налоговая ставка
3. underachiever n – достигающий более низких результатов по сравнению со своими возможностями
underachieve v – достигать более низких результатов по сравнению со своими возможностями
4. portfolio n – портфель
portfolio a – портфельный
5. stand-alone value – ценность отдельно взятого предприятия в рамках компании
6. capitalization n – капитализация
7. revenue(s) n – выручка, доходы
8. synergy n – синергия
synergetic a – синергетический
9. insolvency n – неплатежеспособность
insolvent a – неплатежеспособный
10. breakup n – разделение (компании), разрыв
break up v – разделять, разрывать
11. Board of Directors (BoD) – Совет директоров
12. underperformer n – демонстрирующий результаты ниже возможных (или ниже рынка)