How Apple acquired the iPad name in China from Shenzhen Proview Technology?
Apple Inc. (AAPL) has agreed to pay $60 million to a Chinese Proview Technology (Shenzhen), held the “IPAD” trademark for a desktop computer, in order to continue using the iPad name for its popular tablet computer in China.
Apple has yet to announce a China (Apple’s second-largest market after the USA) release date for the iPad 3 and accounts for about 20 percent of Apple’s overall revenue. Interesting to know that, all of Apple’s iPads are made in China by Foxconn Technologies Group, which employs more than 1 million people in sprawling factories.
“All parties involved have agreed on the settlement. Proview and Apple now no longer have a dispute over the iPad trademark.” Although the news just broke, the settlement was apparently agreed to nearly a week ago on June 25,” Xie Xianghui, a lawyer for Proview, told China’s Xinhua news.
Apple IPAD
- Proview Technology registered the iPad name in 2000, ten years before Apple’s iPad was released.
- Proview demanded US$1.6 billion from Apple, a figure that company flat-out refused to pay.
- The Proview Technology also tried to launch a legal fight with Apple in the United States.
- Fubon Insurance was planning to get some $8.68 million it was owed from Proview Technology (Shenzhen) by liquidating company assets.
- In April 2012, a Chinese government said that Proview Technology was still the owner of the iPad brand name.
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