IBM, which last week agreed to sell its PC-making business to Lenovo, announced it had formed a new joint venture with China Great Wall Computer Corp. to produce servers for the Asian region. The new JV, International Systems Technology Co (ISTC), will be based in Shenzhen where IBM eServer x series and IBM eServer p series will be produced. IBM officials said they expected sales of US$1bn in the first year of operations. IBM will own 80% of the venture, Great Wall the rest. Finance details were not revealed.