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Notice of Merger of Domestic Musical Instrument Marketing Subsidiaries
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YAHAHA CORPORATION herein gives notice of its decision to merge two domestic wholly owned musical instrument marketing subsidiaries, Yamaha Music Nagoya Co., Ltd. (location: Naka-ku, Nagoya, representative director: Hachiro Hamada), and Yamaha Music Hamamatsu Co., Ltd. (location: Hamamatsu, Shizuoka, representative director: Tomoyuki Yokoyama), into a new company, Yamaha Music Tokai Co., Ltd., to commence operations on Thursday April 1, 2004.
Yamaha Music companies are the domestic musical instrument marketing subsidiaries for YAMAHA and were initially formed in 1994, reorganized from 13 directly managed stores nationwide and 27 Group companies. Currently, 12 Yamaha Music companies across Japan are primarily working to expand the market for Yamaha products and to popularize music.
This merger is intended to improve management efficiency and stabilize the management base, and YAMAHA plans to use this new structure to conduct activities more strongly rooted in regional areas.
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Notes
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| 1. Purpose of the merger |
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a. Improved management efficiency
b. Stable management base
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| 2. Type of Merger |
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| Yamaha Music Nagoya will be the surviving company in a purchase acquisition, and Yamaha Music Hamamatsu will be dissolved. Yamaha Music Nagoya will change its business name to Yamaha Tokai as of April 1, 2004. |
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| 3. Overview of new company |
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| Name: |
Yamaha Music Tokai Co., Ltd.
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| Location: |
1-18-28 Nishiki, Naka-ku, Nagoya, Aichi
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| Type of business: |
Musical instrument sales, music and English school operations, etc.
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| Paid-in-capital: |
¥250 million (YAMAHA CORPORATION to own 100%)
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| Representative Director: |
Hachiro Hamada, President
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| Employees: |
144
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| Date of merger: |
Thursday April 1, 2004
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| Sales target: |
¥4.8 billion in its first fiscal year of business
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For further information, please contact
Yamaha Corporation
Corporate Communication Group,
Public Relations Division
Mr. Mike Tanaka
TEL. +81-3- 5488-6601
FAX. +81-3-5488-5060
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