Lenovo and NEC Corporation formally launched their joint venture targeting the PC industry in Japan on Monday.

The new organization is called 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,” said Lenovo Chief Executive Officer Yang Yuanqing, according to the Financial Times.

“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,” he added.

The two companies have a combined market share of some 25 percent in Japan.

Lenovo, the world’s No. 4 PC maker behind HP, Dell and Acer, paid NEC some $175 million in shares to help form the joint company, and Lenovo owns 51 percent of NEC Lenovo Japan Group.

Roderick Lappin, the president of Lenovo Japan Ltd., will be executive chairman of the joint venture. Hideyo Takasu, president of NEC Personal Computers, is the CEO, the Financial Times noted.

According to Reuters, Lenovo and NEC executives set a target of improving that market share by 5 percent in three years.

“NEC holds technologies especially for Japan that could be leveraged around the world,” Lappin said, according to Reuters.

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