14 DAY TRIAL // The IT industry is home to many so-called joint ventures, essentially collaborations between two or more companies, and it appears that NEC and Lenovo set the foundation for this kind of company.
Japan may have been struck by a serious disaster back in March but, if anything, the country is recovering admirably.
In fact, with the aftereffects about to go away entirely by the end of the quarter, Lenovo and NEC decided to set up a new PC company there.
Dubbed NEC Lenovo Japan Group, it is composed of Lenovo NEC Holdings B.V., NEC Personal Computers Ltd. and Lenovo Japan Ltd. It should come to hold almost 25% of the country's PC market.
The first of these three is the holding company and was founded on July 1, the transaction involving a payment of $175 million (through an issue in Lenovo shares) to NEC.
“We are proud to announce the launch of NEC Lenovo Japan Group. We have been engaged in extensive talks with NEC since the announcement of the joint venture in January to further mutual growth and cement our foundation for delivering innovative, high-quality products and services to Japanese customers,” stated Yang Yuanqing, CEO of Lenovo
“We would like to stress again that we are fully committed to the Japanese market and we are determined to continue to lead the PC industry in Japan and expand this strategic alliance beyond the PC business.”
Lenovo controls 51% of all the venture's shares, while NEC has the remaining 49%. Hideyo Takasu, President and representative director of NEC Personal Computers Ltd., is the President and CEO, while the position of Executive Chairman belongs to Roderick Lappin, President of Lenovo Japan Ltd.
“With this alliance, both companies will continue to progress and be committed to Japanese PC users as well as contributing more to the growth of the PC market in Japan. We will also strengthen our efforts to achieve the No.1 customer satisfaction for our quality, function and service. Furthermore, based on this strategic partnership, we will continue to discuss and assess new opportunities with this global partnership,” stated Nobuhiro Endo, President of NEC.