SEPTEMBER 4, 2001
Compaq to merge with Hewlett-Packard
WILLIAMS's title sponsor Compaq is being taken over by rival Hewlett-Packard in a $25bn deal which will see the creation of a new company the size of IBM. Hewlett-Packard will be in full control of the new company with its chief executive Carly Fiorina running the business. Compaq boss Michael Capellas will become president of the new company.
The deal has been agreed at a time when the computer business is under pressure because of a drop in the sales of personal computers and cuts in corporate spending on information technology.
It remains to be seen whether the deal will have any effect on the F1 sponsorships. Compaq is Williams's biggest backer while HP has small deals with both Jaguar Racing and Jordan Grand Prix.
|Print News Story|