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Cancellation of Joint Venture Contracts for Sales Subsidiaries in U.K. and Spain |
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Yamaha Music Holding Europe GmbH (Head Office: Rellingen, Germany, Representative: Masato Oike, President; hereinafter, YMHE) will cancel joint venture contracts with local minority shareholders of two sales companies — Yamaha-Kemble Music (U.K.) Ltd. and Yamaha-Hazen Musica, S.A. — and take associated measures to acquire the shareholdings of the minority interests in those companies. YMHE is a Yamaha Corporation subsidiary that operates as a holding company for sales companies in Europe.
Amid the EU’s rapid expansion and other sharp changes in the operating environment, Yamaha in 2002 established YMHE to integrate its operations and has subsequently worked to develop European business in an integrated and efficient manner. However, to establish a business base in Europe that is capable of even more rapid decision making and more operational flexibility than previously, Yamaha has cancelled joint venture contracts with local investors in the U.K. and Spain regarding joint venture sales companies that have operated in the U.K. and Spain for many years. This is not expected to have a material impact on Yamaha’s consolidated performance. |
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| Outline of the Two Companies |
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Company name |
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Yamaha-Kemble Music (U.K.) Ltd. (established 1968) |
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Future name |
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Yamaha Music (U.K.) Ltd. (Scheduled to be changed in autumn 2007) |
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Address |
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Milton Keynes, U.K. |
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Representative |
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Joint Managing Director: Yoshichika Sakai, Andrew Kemble |
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Capital |
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₤25,000 (Percent ownership: YMHE 87.5%, Local capital 12.5%)
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Lines of business |
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Import and sales of musical instruments and professional audio equipment |
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Number of employees |
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146 (including seven employees posted from Japan) |
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Net sales |
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₤ 60.1M(fiscal year ended March 31, 2007) |
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Territory |
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U.K., Ireland |
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| (2) |
Company name |
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Yamaha-Hazen Musica, S.A. (established 1986) |
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Future name |
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Yamaha Musica Iberica, S.A. (Scheduled to be changed in September 2007) |
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Address |
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Madrid, Spain |
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Representative |
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Koichi Yoshida, President |
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Capital |
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€1,505,000 (Percent ownership: YMHE 75%, Local capital 25%) |
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Lines of business |
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Import and sales of musical instruments and professional audio equipment |
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Number of employees |
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40 (including two employees posted from Japan) |
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Net sales |
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€ 35.6M(fiscal year ended March 31, 2007) |
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Territory |
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Spain, Portugal |
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For further information, please contact
Yamaha Corporation
Public Relations Division, Public Relations Group
TEL. +81-3-5488-6601
FAX. +81-3-5488-5060
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