Leading Japanese and Chinese electronics firms NEC Corp. and Lenovo Group said yesterday they had agreed to set up a joint venture in the personal computer business in Japan.

China-based multinational Lenovo will take a 51 per cent stake in the company, called NEC Lenovo Japan Group, they said in a joint statement. NEC will hold 49 per cent.

The tie-up gives Lenovo and NEC the opportunity to build their operations in Japan through “stronger market position, enhanced product portfolios and expanded distribution channels”, the statement said.

“The agreement with NEC is a perfect fit for our strategy,” Lenovo chief executive Yang Yuanqing said.

“It reinforces our commitment to our core PC business while, at the same time, providing important new opportunities for growth in Japan.”

NEC controlled about 18 per cent of the Japanese PC market in 2009, but globally it came in 12th with a share of less than one percent, the Nikkei business daily said last week, citing data by IDC intelligence firm.

Lenovo had roughly 27 per cent of its home market and was ranked fourth in the world with a market share of about eight percent, it said.

NEC Personal Products president Hideyo Takasu will be the chief executive of the new company while the president of Lenovo’s Japan operations, Roderick Lappin, will be the executive chairman.

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