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Lenovo joins forces with NEC for tablets and phones |
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Lenovo and NEC Corporation (NEC) has forged a strategic relationship in the form of a joint venture in a bid to grow their commercial and consumer PC businesses in Japan, the third largest PC market in the world with an estimated 18% share of the Japanese market as of 2009, which makes it the largest computer maker in Japan.  Together, Lenovo and NEC will form NEC Lenovo Japan Group, and under this group the duo will establish a new organization called Lenovo NEC Holdings B.V., registered in the Netherlands. Lenovo is the major partner with a 51 percent stake holding, while NEC retains a 49 percent stake in the joint venture. Hideyo Takasu, President, NEC Personal Products, Ltd., will be President and CEO of the new joint venture. Roderick Lappin, currently Representative Director and President, Lenovo (Japan) Ltd., will be 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. A report in the Wall Street Journal quoted a regulatory filing with the Hong Kong Stock Exchange that said Lenovo has the option to buy out NEC anytime after the fifth anniversary of the joint venture, even though requisite approvals would be needed from NEC and government entities. Lenovo is China’s largest manufacturer of personal computers, which is looking to its range of LePad tablet computers and LePhone smartphones to compete against Apple Inc.’s iconic iPad and iPhone. Reports in the media quoted company Chairman Liu Chuanzhi from an interview at the World Economic Forum in Davos, as saying that Lenovo has an “extreme focus on the innovation of LePad and LePhone as these products would dominate the markets in the future. Lenovo's LePad slate is a multitouch, multi-function device that aims to combine the experience of an HD Android slate with the full functionality of a Windows® 7 PC in a bid to defend the company's market share in China from Apple's iPad. Running the 2.2 Android OS, the device weighs under 2lbs., runs a Qualcomm Snapdragon 1.3Ghz processor and can be docked into the U1 base, morphing into a Windows 7 Home Premium PC (with Intel® ULV processor) with a full keyboard to deliver complete PC functionality. |
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