Lenovo closes deal with Brazilian PC manufacturer [Cihan News Agency (Turkey)]
(Cihan News Agency (Turkey) Via Acquire Media NewsEdge) SAO PAULO (CIHAN)- Chinese electronics manufacturer Lenovo has announced that it has closed the deal over the acquisition of Brazilian PC manufacturer CCE.
CCE is one of the biggest electronics manufacturers in Brazil and has been in operation for the past 50 years and produce brands including CCE, CCE Info and CCE Mobi.
Lenovo announced it bought over the company for approximate $147 million.
"The closing took place January 2, 2013, with Lenovo acquiring 100% of CCE in a transaction consisting of Lenovo stock and cash totaling R$300 million," Lenovo said in a statement.
The deal was first announced back in September and the company notes the acquisition will more than double its PC market share in Brazil.
Lenovo also at the time announced plans to build a $30 million factory in the country which is ranked as the world's sixth largest economy.
"Brazilian customers will see immediate benefit from this acquisition with products that embody Lenovo's heritage of innovation, quality and global supply chain efficiency, while building upon CCE's knowledge of Brazilian consumer needs and strong retail presence," said Dan Stone, President and General Manager, Lenovo Brazil.
"Following our announcement of new manufacturing and distribution capabilities in Itu, Sao Paulo, the addition of CCE's valuable manufacturing base and local management team demonstrates Lenovo's powerful "global-local" strategy in action, fostering rapid expansion that combines global reach with meaningful local investments that reflect our long-term commitment to the Brazilian market." Said Stone.
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