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Yamaha Establishes Musical Instrument Sales Subsidiary in South Korea
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Hamamastu City, Sizuoka, October 17, 2001 - Yamaha Corporation, the world's largest musical instruments manufacturer, announced the creation of a subsidiary company in the Republic of Korea that will import and sell musical instruments and professional audio equipment from January 1, 2002.
Until now, Yamaha has sold instruments through local sales agents, and decided to set up the subsidiary, Yamaha Music Korea, to meet demand for instruments, and acoustic pianos in particular, which has risen due to the high standards of education in South Korea and the popularity of musical instruments. The size of the market itself is estimated to be 250 billion won (approximately $ 210 million ).
The integration of the South Korean economy with the world economy since the 1998 Asian currency crisis and the strengthening of cultural ties between Japan and South Korea has made this a good time for Yamaha to establish the subsidiary.
Yamaha Music Korea will expand and strengthen Yamaha's sales network, and provide after-sales support services, allowing Yamaha to extend its brand name. The company will be capitalized at 7 billion won and is expected to post sales of 10 billion won in the first year, and 50 billion won in five years.
Through music, Yamaha hopes to provide a positive contribution to the close relationship between Japan and Korea, and to the development of South Korea's music education.
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| Company Outline: |
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| Name: |
Yamaha Music Korea Ltd.
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| Established: |
August 1, 2001
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| Start of operations: |
January 1, 2002
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| Address: |
Tong Yang Securities Building 16F,
23-8 Yoido-dong,
Youngdungpo-ku, Seoul, Korea |
| Main business: |
Import and sale of musical instruments and professional audio equipment , music education
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| Capital: |
7 billion won (100 percent owned by Yamaha)
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| President: |
Mr. Hiroki Nakano
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| Employees: |
25 |
| Sales forecast: |
First year
(April 2002-March 2003) |
10 billion won |
| In five years |
50 billion won |
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For editorial information, please contact:
Saburo Seki,
Manager, Corporate Communications,
Yamaha Corp. +81 3 5488 6601
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