It continued to develop new computing products on its own one of these was Programma 101, one of the first commercially produced programmable calculators. In order to qualify for new loans, bankers made it a condition that the company's electronic division be sold to General Electric. In 1964 the company sold its electronics division to the American company General Electric. Olivetti produced Italy's first electronic computer, the transistorised Elea 9003, in 1959, and purchased the Underwood Typewriter Company that year. Olivetti opened its first overseas manufacturing plant in 1930, and its Divisumma electric calculator was launched in 1948. ![]() The firm was mainly developed by his son Adriano Olivetti, whose utopian vision led not only the company's worldwide expansion and commercial sucess, but also influenced business practice, politics, and culture. ![]() The company was founded as a typewriter manufacturer by Camillo Olivetti in 1908 in the Turin commune of Ivrea, Italy. Olivetti M40 typewriter (1930), designed by Camillo Olivetti with Gino Levi Martinoli ( Museo nazionale della scienza e della tecnologia Leonardo da Vinci, Milan).
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