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Slideshow China's Lenovo to buy Brazilian electronics firm CCE Tweet Share this Email Print Related News China's Lenovo to buy Brazilian electronics firm CCE 10:40am EDT Lenovo shares slump more than 8 percent after Japan's NEC exits 1:28am EDT Vale adds $539 million provision for probable royalty loss Tue, Sep 4 2012 In Brazil, a land of rivers, crops take the road Thu, Aug 30 2012 UPDATE 4-HK regulator takes Ernst & Young to court for work papers Tue, Aug 28 2012 Related Topics Tech » Deals » Global Deals Review: 2011 Q3 » Global Deals Review: 2011 Q2 » Global Deals Review » Inflows Outflows » China » Brazil » Lenovo's laptop PCs are displayed at an electronic shop in Tokyo September 5, 2012. Credit: Reuters/Kim Kyung-Hoon By Asher Levine and Anne Marie Roantree SAO PAULO/HONG KONG | Wed Sep 5, 2012 11:39am EDT SAO PAULO/HONG KONG (Reuters) - China's Lenovo Group Ltd agreed on Wednesday to buy Brazilian consumer electronics maker CCE, as the world's No. 2 PC maker by sales looks toward Brazil's promising consumer market to boost profit growth, which has been slowing. The deal, announced in a securities filing and valued at a base price of 300 million reais ($148 million), will help Lenovo nearly double its share of the PC market in the world's sixth-largest economy. Lenovo's purchase of CCE, Brazil's largest domestic manufacturer of consumer electronics, will allow the Chinese company to add mobile phones and televisions to its product line in Brazil, expanding beyond the corporate sector. "CCE is an excellent fit with its four-screen product portfolio and a valuable manufacturing base in Brazil," Yuanqing Yang, chairman and CEO of Lenovo Group, said in a statement. The deal highlights the growing, yet uneven trade ties between Brazil and China, two large emerging economies. While Brazil benefited from China's voracious demand for raw materials such as iron ore and soybeans over the past decade, Brazilian imports of Chinese manufactured products have hurt Brazilian industry. China is still Lenovo's main sales driver, contributing around 42 percent of its total revenue, though the outlook has been overshadowed by slowing growth that has sapped demand. In response, Lenovo has been aggressive about expanding into other regions, primarily through overseas acquisitions. "In recent years, we have established a No. 1 position in emerging markets, and we hope to do the same in Brazil," Lenovo said in a statement, adding that CCE's management team would be maintained. "We are attacking hard in the large, fast growing BRIC (Brazil, Russia, India, China) markets." According to Morgan Stanley, Lenovo is close to breaking even in emerging markets, but Brazil is where the majority of its losses are incurred, largely due to high import taxes and weak distribution. CCE, controlled by privately held Digibras, runs seven factories in Brazil and posted 1.6 billion reais ($784 million) in revenue in 2011. The company said it produced 774,000 PCs last year and expects to assemble 887,000 in 2012. Shares of Lenovo closed down more than 7 percent in Hong Kong ahead of the news on Wednesday after NEC Corp sold its entire stake in the company in a deal worth 18 billion yen ($229.62 million). ($1 = 2.03 reais) ($1 = 78.3900 Japanese yen) (Additional reporting by Alberto Alerigi in Sao Paulo; Editing by David Gregorio) Tech Deals Global Deals Review: 2011 Q3 Global Deals Review: 2011 Q2 Global Deals Review Inflows Outflows China Brazil Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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