Yamaha Motor Co., Ltd. (the"Company") and its wholly-owned consolidated subsidiary for outboard motor and other marine engine manufacture, Yamaha Marine Co., Ltd. (location: Nippashi-cho, Minami-ku, Hamamatsu City, Shizuoka Prefecture, Japan; President and Representative Director: Shohei Kato), adopted a resolution approving a merger (the "Merger") at their respective Board of Directors meetings, held October 16, 2008. Based on this resolution, Yamaha Motor Co., Ltd. will be the surviving company.
In addition, the Company and Yamaha Motor Powered Products Co., Ltd. (location: Sakagawa, Kakegawa City, Shizuoka Prefecture, Japan; President and Representative Director: Takashi Tsuchiya), the Company's wholly-owned consolidated subsidiary for the manufacture of all-terrain vehicles and other power products, agreed to effect a divestiture (the "Divestiture") transferring the Company's golf car business to Yamaha Motor Powered Products Co., Ltd. in their respective Board of Directors meetings, held October 16, 2008.
The Merger and the Divestiture are scheduled to be effective on January 1, 2009.
The Merger and the Divestiture are part of a structural reform to meet intensifying competition in a changing global business climate and further enhance the Company's overall competitiveness.
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