Yamaha Announces Closure of Two AV Equipment Sales Subsidiaries in China |
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Yamaha Corporation has recently announced its decision to dissolve two audio visual (AV) equipment sales subsidiaries in China. These are Yamaha Electronics (China) Ltd. (YECH) and Yamaha Electronics Trading (Shanghai) Co., Ltd. (YETS).
YECH was established in Hong Kong to provide support for local distributors of audio equipment by developing new distribution channels and establishing sales and customer service facilities in China. YETS was established in Shanghai to procure and sell AV equipment locally and act as an importer and seller of AV/IT equipment in the Chinese market. Thereafter, as a result of the establishment in 2002 of Yamaha Music & Electronics (China) Co., Ltd. (YMEC), as an investment company in China, and other developments, operations at YECH were suspended, with the aim of consolidating sales activities in China. In addition, in January 2006, operations at YETS were similarly suspended, after YMEC commenced importing and sales activities.
The recent decisions to dissolve YECH and YETS were made after consideration of the appropriate future directions for sales of AV equipment in the Chinese market, which led to the conclusion that the two subsidiaries had fulfilled their respective missions.
The cost of dissolving these two companies will be minimal, and the effect on consolidated performance will not be material.
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| Outline of the Two Subsidiaries to Be Dissolved |
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Company name |
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Yamaha Electronics (China) Ltd. (YECH) |
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Location |
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Hong Kong, China |
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Date of establishment |
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February 1996
(Operations were suspended in September 2003.) |
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Paid-in capital |
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2 (two) Hong Kong dollars (100% owned by Yamaha Corporation.) |
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Representative |
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Hiroshi Sekiguchi, Director (currently serving as executive officer, general manager for the AV products division of Yamaha Corporation) |
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Company name |
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Yamaha Electronics Trading (Shanghai) Co., Ltd. (YETS) |
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Location |
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Shanghai, China |
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Date of establishment |
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January 2001 |
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Paid-in capital |
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8.3 million yuan (100% owned by Yamaha Corporation.) |
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Representative |
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Teruhiko Tsurumi, President (currently serving as vice president of YMEC) |
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Sales |
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Approximately 27 million yuan (Actual for the year ended March 31, 2006) |
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* At present, both companies have no employees. |
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For further information, please contact
Yamaha Corporation
Public & Investor Relations Group,
Public Relations Division
Mr. Mike Tanaka
TEL. +81-3-5488-6601
FAX. +81-3-5488-5060
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