Citgo
Citgo was founded in Oklahoma in 1910 and has since grown to be a major marketer and refiner of fuels and other products. Petróleos de Venezuela, a Venezuelan corporation, bought half of it in 1986 and became its parent firm. Unfortunately, things have not been going well for it. President Hugo Chavez announced his intention to sell Citgo to the world, citing “poor business” as the reason for the company’s declining profitability. Instead of selling the property, they sold bonds. The South American country was in the midst of an economic downturn in 2013. It was offered to Russia as loan collateral, but its future is uncertain.
Citgo
IBM (PC Division)
Since its inception in IBM, the corporation has aided the United States in maintaining its technological leadership. It was more involved in business machinery than computers back then. To say the least, IBM has an interesting history. Lenovo paid $1.75 billion for its PC segment in 2004. “As Lenovo’s founder, I am excited by this milestone in Lenovo’s journey to becoming a global corporation,” said Chuanzhi Liu, the company’s CEO at the time. “Today’s announcement further strengthens IBM’s ability to seize the highest-value opportunities in a fast-changing information technology market,” IBM CEO Sam Palmisano said in a statement.
IBM (PC Division)