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Yamaha Motor Co., Ltd. and Yanmar Diesel Engine Co., Ltd. reach agreement for establishment of FRP hull manufacturing joint venture

March 19, 2002

Yamaha Motor Co., Ltd. (hereinafter "Yamaha"; President, Toru Hasegawa; Iwata City, Shizuoka Prefecture) and Yanmar Diesel Engine Co., Ltd. (hereinafter "Yanmar"; President, Takehito Yamaoka; Kita-ku, Osaka Prefecture) have reached an agreement establishing a joint venture for the production of fiberglass-reinforced plastic (FRP) pleasure boats, fishing boats, and other products. The company will be known as Y2 Marine Manufacturing Co., Ltd. (President, Soichi Sasagawa; Higashi-Kunisaki-gun, Oita Prefecture.)

The new joint venture is to be established on April 15, with total paid-in capital of 10 million yen, half of which will be provided by each company.

Yamaha and Yanmar will transfer to Y2 Marine Manufacturing their stock holdings in two subsidiaries that manufacture FRP fishing and pleasure boats. In the arrangement, Yamaha Amakusa Works Co., Ltd. (President, Masanao Kotani; Amakusa-gun, Kumamoto Prefecture) and Yanmar Shipbuilding & Engineering Co., Ltd. (President, Haruyoshi Ueda; Oku-gun, Okayama Prefecture) will become subsidiaries of Y2 Marine Manufacturing by autumn 2002.

The joint venture's projected sales and production figures for the fiscal year ending March 31, 2004 are 8 billion yen and 2,300 units, respectively. Y2 Marine Manufacturing aims to become one of Japan's leading FRP-hull manufacturers (a Super Hull Center), both in terms of its production scale and technology. In the future, the new company anticipates producing hulls under contract and in original equipment manufacturing (OEM) arrangements with other boat manufacturers in Japan, besides Yamaha and Yanmar.

Y2 Marine Manufacturing will strive to continuously supply high-quality, attractive products to its customers. To this end, the new venture will take measures such as assigning different tasks to each plant, and promoting joint hull development. It will also standardize parts and raw material specifications, in the move to enhance profitability and cost reduction by making effective use of the management resources and other advantages offered by both companies. Furthermore, the new venture will promote the development of recyclable hulls, and technology to reduce harmful emissions during production processes.

Meanwhile, Yamaha and Yanmar will work on product sales and planning for their respective brands, aiming to maintain their competitive relationship in the market.

In the Japan's marine product market, sales have remained sluggish, due to the prolonged recession. The gross domestic demand (*1) for pleasure boats in the year 2000 fell to 4,000 units, down from 8,000 units in 1996. However, the popularity of marine leisure activities, such as sport fishing and family cruising, has been increasing. The total number of compact boat operator's licenses has been increasing by approximately 70,000 annually (*2), reaching 2.71 million as of the end of March 2001. Furthermore, many local governments are stepping up their construction plans for berthing and storage facilities. A further slight increase in the marine leisure population can be expected in the future.


(*1) Japan Craft Inspection Organization (JCI):

Total number of registered ships with an overall length of 5-10m

(*2) Reference:

Ship Officers Division, Seafarers Department, Maritime Bureau, Ministry of Land, Infrastructure and Transport



Profile of Y2 Marine Manufacturing Co., Ltd.


Name:

Y2 Marine Manufacturing Co., Ltd.

Location:

3286-3 Aza Gyozyahara, Oaza Itohara, Musashi-cho, Higashi-Kunisaki-gun, Oita Prefecture, Japan

Founded:

April 15, 2002

Representative:

President, Soichi Sasagawa (also holds a position as Senior General Manager of Marine Operations, Yamaha Motor)

Capital:

10 million yen

Share of ownership:

Yamaha Motor: 50%, Yanmar Diesel Engine: 50%

Business:

Development and manufacture of FRP pleasure boats, fishing boats and other products.

Sales:

8 billion yen (projected, for FY ending March 31, 2004)



Profile of Yamaha Motor Co., Ltd.


Name:

Yamaha Motor Co., Ltd.

Location:

Head Office: 2500 Shingai, Iwata-city, Shizuoka Prefecture, Japan
Marine Operations: 3380-67 Mukojima, Arai-cho, Hamana-gun, Shizuoka Prefecture, Japan

Founded:

July 1, 1955

Representative:

President, Toru Hasegawa

Capital:

23,197 million yen

Employees:

10,443 (as of March 31, 2001)

Business:

Manufacture and sales of motorcycles, pleasure boats, yachts, fishing boats, automobile engines, industrial robots and other products

Sales:

884,054 million yen (consolidated sales for FY ended March 31, 2001)



Profile of Yamaha Amakusa Works Co., Ltd.


Name:

Yamaha Amakusa Works Co., Ltd.

Location:

5995 Futamado, Himedo-cho, Amakusa-gun, Kumamoto Prefecture, Japan

Founded:

January 29, 1999

Representative:

President, Masanao Kotani

Employees:

162 (as of March 31, 2001)

Capital:

50 million yen

Business:

Development and manufacture of FRP boats and pontoons

Sales:

3,311 million yen (for FY ended March 31, 2001)



Profile of Yanmar Diesel Co., Ltd.


Name:

Yanmar Diesel Engine Co., Ltd.

Location:

Head Office: 1-32 Chayamachi, Kita-ku, Osaka, Japan
Marine System Marketing Division:
6449-1 Ushimado, Ushimado-cho Oku-gun, Okayama Prefecture, Japan

Founded:

March 22, 1912

Representative:

President, Takehito Yamaoka

Capital:

2,400 million yen

Employees:

3,398 (as of March 31, 2001)

Business:

Manufacture and sales of diesel engines, fishing boats, pleasure boats, small construction machinery, co-generation systems, gas engine heat-pump air conditioners and other products

Sales:

516,600 million yen (consolidated sales for FY ended March 31, 2001)



Profile of Yanmar Shipbuilding & Engineering Co., Ltd.


Name:

Yanmar Shipbuilding & Engineering Co., Ltd.

Location:

Head Office: 6449-1 Ushimado, Ushimado-cho, Oku-gun, Okayama Prefecture, Japan

Founded:

January 11, 1972

Representative:

President, Haruyoshi Ueda

Capital:

450 million yen

Employees:

209 (as of March 31, 2001)

Business:

Manufacture and sales of FRP boats and fishing boats

Sales:

4,763 million yen (for FY ended March 31, 2001)


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