YAMAHA TO SET UP DOMESTIC SALES UNIT FOR BOESENDORFER PIANOS
Monday, March 24, 2008; Posted: 12:08 AM

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TOKYO, Mar 24, 2008 (AsiaPulse via COMTEX) -- YAMCF | news | PowerRating | PR Charts -- Yamaha Corp. (TSE:7951) announced Friday that on April 1 it would establish a domestic sales company for the prestigious Austrian piano maker it acquired in January.

L. Boesendorfer Klavierfabrik GmbH will continue to use its own brand name for the premium pianos it makes and sells.

Accordingly, Yamaha has decided to set up a new sales channel separate from the one used for the Yamaha brand.

The new subsidiary will be capitalized at Y90 million ($US911,400) and will be wholly owned by Yamaha, which will appoint its president.

Besides selling Boesendorfer products, it will provide tuning and maintenance for Boesendorfer pianos used in Japan.

Sales of Y370 million ($US3.75 million) are targeted in the first fiscal year.

Established in 1828, Boesendorfer is one of the world's top three piano makers.

Its premium handcrafted pianos sell for 8.6 million yen to 19.5 million yen.

Since 1990, it has sold 1,040 pianos in Japan through a general sales agent that filed for bankruptcy protection in November 2007.

(Nikkei)

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