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Breaking News: 15th February 2011

Lenovo and NEC have teamed up in Japan, and are exploring strategic cooperation in other areas. The new Joint Venture will be Japan’s largest PC Group. NEC is currently Japan’s number one PC company, and Lenovo the fastest growing top-five PC maker in the world. The JV aims to grow both commercial and consumer PC business in the 3rd largest market worldwide.

The JV will create NEC Lenovo Japan Group, and under this group, Lenovo and NEC will establish a new organization known as Lenovo NEC Holdings B.V., registered in the Netherlands. Lenovo will hold 51% of the new entity. Hideyo Takasu, currently President, NEC Personal Products, Ltd., will become President and CEO of the new joint venture, while Roderick Lappin, currently Representative Director and President, Lenovo (Japan) Ltd., will become Executive Chairman.

Lenovo (Japan) Ltd. and NEC Personal Computers, Ltd., a new company formed as a result of separating NEC’s PC business from NEC Personal Products, Ltd. will both become 100 percent subsidiary companies of the new joint venture. As the result of this transaction and upon closing, NEC will receive from Lenovo US$175million through an issue of Lenovo shares.

“The agreement with NEC is a perfect fit for our strategy. It reinforces our commitment to our core PC business while, at the same time, providing important new opportunities for growth in Japan,” said Yang Yuanqing, CEO, Lenovo. “We have a long history of innovation in Japan and a firm commitment to the Japanese market. Now, we are combining our global strength and momentum with NEC’s market leadership. It is the perfect partnership for us and for our customers.”

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