Hewlett-Packard Sells Palm Trademarks
The company purchased the brand for $1.2 billion in 2010.
“On October 31 HP transferred ownership of the Palm name, trademarks, and logos to Wide Progress Global Limited. More digging found that the brand's new owner is a shell company that shares an executive with the Chinese firm: Nicolas Zibell was recorded as a vice president at Wide Progress Global, and he is also president for Americas and Pacific of Alcatel Onetouch and TCL,” according to the report.
The intentions behind reviving the brand are not yet known but "webOS Nation theorizes that it could serve as a way for Alcatel Onetouch to build some brand recognition in the United States—where it currently only does a small business."
Hewlett-Packard Company recently traded at $40.35, up 0.55 percent.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.