|YAMAHA AND MITSUI CHANGES IN UK AND EUROPE
November 29 2007.
Yamaha Motor Co., Ltd. and Mitsui & Co., Ltd. have established Yamaha Motor Middle Europe B.V. (YMME), a new, joint venture sales and marketing company within Europe. YMME will officially commence operations on January 1, 2008.
Yamaha Motor Europe N.V. (YME), a wholly-owned subsidiary of Yamaha Motor Co., Ltd. with responsibility for Yamaha Motor's sales across Europe, contributed 60% of YMME's capital of 18,000 euros, while Mitsui Automotive Europe B.V. (MAE), a wholly-owned subsidiary of Mitsui & Co., Ltd. with responsibility for Mitsui & Co.'s automobile sales in Europe, contributed the remaining 40%. YMME is established in the premises of YME in Schiphol-Rijk, the Netherlands.
YMME will seek to combine the strengths of Yamaha Motor and Mitsui & Co. to achieve synergistic results across a vast market covering seven European countries, looking to grow business in Germany and the UK, two of Europe's key markets. while strengthening the group's structure in Eastern Europe, where significant growth is forecasted.
In addition to Germany and the UK, YMME oversees sales and marketing activities in Austria, Hungary, the Czech Republic, Slovakia, and Poland, and integrates management by making the following six sales companies into subsidiaries:
Yamaha Motor Deutschland GmbH (Yamaha Motor Group 40%, Mitsui Group 60%*)
Yamaha Motor (UK) Limited (Yamaha Motor Group 25%, Mitsui Group 75%*)
Yamaha Motor Austria GmbH (Yamaha Motor Group 100%*)
Yamaha Motor Hungary Kft. (Yamaha Motor Group 100%*)
Yamaha Motor Czech spol.s.r.o (Yamaha Motor Group 100%*)
Mitsui Motor Polska Sp. z o.o.** (Mitsui Group 100%*)
* Equity ratio prior to establishment of YMME
** In January 2008, Mitsui Motor Polska Sp. z o.o. will change its name to Yamaha Motor Polska Sp. z o.o. (YMPL).
In the 1970s, Yamaha Motor and Mitsui & Co. established companies in Germany and the UK to import and sell Yamaha Motor products under the latter's leadership. Drawing from Mitsui & Co.'s strength as a global trading company, the two organisations subsequently developed sales operations focusing on all Yamaha Motor products. In Eastern Europe, where expanding economies opened their markets in the early 1990s, the two companies each developed businesses such as Yamaha Motor in Austria, Hungary, the Czech Republic, and Slovakia, and Mitsui & Co. in Poland.
With the establishment of YMME, Yamaha Motor, as a Motorcycle, Marine and ATV manufacturer, will take the initiative in these key European markets, where competition has been intensifying in recent years, seeking to further expand sales and the Yamaha brand.
Specifically, the two companies aim to expand business in Europe by drawing upon Yamaha Motor's strength in marketing new and existing products by proactively adapting to future needs including network development, while leveraging Mitsui & Co.'s strength in areas such as finance and logistics. YMME expects to achieve sales of 450 million euros (approx. 70 billion yen) in its first fiscal year (2008).
Yamaha Motor UK Limited say that there are no planned changes to the current location or structure of the company at this time.