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Notice of Decision to Close Overseas Subsidiary
(Yamaha Music Argentina)
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YAMAHA CORPORATION’s Board of Directors announced today that it has decided to close Yamaha Music Argentina S.A. (YMAr, Buenos Aires), a local subsidiary in Argentina, at the end of March 2004.
YMAr was founded in 1996 as a wholly owned local affiliate of YAMAHA engaged in the sale of musical instruments. YMAr suspended business operations in October 2001 due to the severe economic crisis in Argentina, the temporary cancellation (by moratorium) of payments on overseas debt, and other adverse factors. Having concluded that the Argentine economy will not rebound significantly, the Board of Directors has decided to close YMAr in order to pare down assets and eliminate running costs for the business.
Local business activities will continue under the administration of Yamaha Music Latin America, S.A. (YMLA, Panama), a regional sales subsidiary established when YMAr suspended operations.
The decision will have only a minimal impact on consolidated results. |
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| 1. Company to be closed |
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| Name |
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Yamaha Music Argentina S.A. (YMAr, established 1996)
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| Location |
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Buenos Aires, Argentina
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| Representative |
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Toshiaki Yamashita, President
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| Paid-in-capital |
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3 million pesos (YAMAHA CORPORATION has 100% stake)
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| Business |
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Sale of musical instruments
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| Employees |
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Having suspended business activities, the company no longer has any employees.
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| Closing date |
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March 31, 2004 (scheduled)
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