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Closure of Operations and Liquidation of Y.P. Packaging Co., Ltd. |
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Tokyo, Japan, June 18, 2003 – This is to announce the decision to close operations and liquidate the non-consolidated subsidiary, Y.P. Packaging Co., Ltd.
Y.P. Packaging develops and manufactures cardboard packaging for industrial products and its main business is the sale of such packaging to Yamaha Group companies. However, net sales have shown a continued decrease in recent years as a result of reduced domestic sales of larger musical instruments (keyboards) and the increased overseas production of musical instruments in general.
Although Y.P. Packaging expanded its sales activities to include customers outside the Yamaha Group and implemented far-reaching cost-cutting measures, prolonged severe domestic economic conditions, the rising price of recycled paper in Japan due to Chinese market growth, and the superannuation of production facilities that will soon require upgrading as well as the unlikelihood in the opinion of management of a future expansion in sales or improvement in profitability, have led to the decision to close operations and liquidate the subsidiary's assets. |
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| Company Name |
Y.P. Packaging Co., Ltd. (established: 1987) |
| Head Office |
203 Wada-cho, Hamamatsu, Shizuoka |
| Representative |
President and Representative Director
Tsutomu Sasaki |
| Capital |
¥80 million (90% invested by YAMAHA) |
| Business Fields |
Manufacture and sale of cardboard boxes, sale of packaging materials |
| Number of Employees |
24 (including 13 employees seconded from YAMAHA) |
| Net Sales |
¥1.47 billion (for the fiscal year ended March 31, 2003) |
| Closing date for Operations |
November 30, 2003 (tentative) |
| Employees |
To be paid retirement bonus with additional stipend and discharged.
Seconded employees will be placed in other Group companies. |
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For further information, please contact
Yamaha Corporation
Corporate Communication Group,
Public Relations Division
TEL. +81-3- 5488-6601
FAX +81-3-5488-5060
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