Lenovo Extends Term of Joint Venture Agreement with NEC Corporation
Lenovo Group today announced that Lenovo and NEC had reached agreement to extend the term of their joint venture agreement through 2026. The joint venture, which sells NEC-branded PCs and tablets in the Japanese market through its subsidiary, was finalized in June, 2011 and initially had a 5 year term lasting through June 2016. The extension of the business relationship provides customers and distributors with assurances of continuity and ongoing commitment to the market. The period of the agreement announced today was extended by two years through 2018 and automatically renews annually up to June 30, 2026.
Details of today’s agreement, which included amendments to the initial transaction, are available at the HKSE website: http://www.hkexnews.hk/listedco/listconews/sehk/2014/1007/LTN20141007329.pdf
“The NEC joint venture has been extremely successful solidifying our #1 position in the world’s fourth largest PC market where we have steadily grown market share and improved our performance, making Japan a profitable growth engine for Lenovo in the region,” said Roderick Lappin, President and CEO, Lenovo NEC Holdings B.V.. “The extension of our NEC joint venture marks the continuation of our commitment to our Japanese customers and our long history of innovation in Japan, which includes NEC Personal Computer’s factory and R&D center in Yonezawa.”
Lenovo (HKSE: 992) (ADR: LNVGY) is a $39 billion global Fortune 500 company and a leader in providing innovative consumer, commercial, and enterprise technology. Our portfolio of high-quality, secure products and services covers PCs (including the legendary Think and multimode YOGA brands), workstations, servers, storage, smart TVs and a family of mobile products, including smartphones, tablets and apps. Join us on LinkedIn, follow us on Facebook or Twitter (@Lenovo) or visit us at www.lenovo.com.
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