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Yamaha to Establish Musical Instrument
Manufacturing Subsidiary in China
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Tokyo, Japan – Feb. 28, 2003 Yamaha has made the decision to establish a piano and guitar manufacturing subsidiary in Hangzhou, China. The new subsidiary will manufacture and supply products to the growing Chinese market and serve to bolster global price competitiveness.
Yamaha currently operates three musical instruments manufacturing subsidiaries in China. A site in Tianjin produces electric keyboards, one in Guangzhou manufactures pianos, and a subsidiary in Xiaoshan handles pianos, piano parts and wind instruments. Another subsidiary in Suzhou is set to begin manufacturing home theater components this spring.
In line with the Chinese government's recommended policies, Yamaha also established Yamaha Music & Electronics (China) Co., Ltd. in May of last year as an investment holding company. The company helps promote smooth domestic operations in China and also consolidates sales and marketing activities.
By adding the new manufacturing subsidiary announced today Yamaha is continuing to promote its ongoing strategy to develop the Chinese market.
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| Reasons for establishment |
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(1) To facilitate the supply of products to the Chinese market
(2) To bolster Yamaha's global price competitiveness
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| Outline of new company |
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| Name |
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Hangzhou Yamaha Musical Instruments Co., Ltd. |
| Location |
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Xiaoshan Economic & Technical Development Zone, Hangzhou, China |
| Products |
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Upright pianos and acoustic guitars |
| Production (after five years) |
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20,000 pianos and 200,000 guitars per year |
| Capital |
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USD 14 million
(100% invested by Yamaha Music & Electronics (China) Co., Ltd. ) |
| Projected establishment |
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April 2003 |
| Projected start of operations |
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April 2004 |
| Employees |
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Approximately 240 at start of operations; 900 after five years (projected) |
| Sales target (after five years) |
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¥5.0 billion |
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About Yamaha Corporation
Yamaha Corporation (TSE: 7951) manufactures all kinds of musical instruments and professional audio equipment for professionals and amateur enthusiasts. From its base in Hamamatsu City, southwest of Tokyo, the company is also a leading producers of audio/visual products, semiconductors and other computer-related products, electronic equipment and specialty metals. For further information, please visit the Yamaha Corporation home page at: http://www.global.yamaha.com/ |
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