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Yamaha announces the establishment of a manufacturing joint venture for boats designed for commercial fishery and aquaculture work

January 16, 2013

Yamaha Motor Co., Ltd. announces that it has agreed with Zhangzidao Group Co., Ltd., a fishery and marine processing company based in Dalian City, Liaoning Province, P.R. China, to establish a new company to be registered in March 2013 that will manufacture and sell boats designed for fishery and aquaculture work etc.

The new company, "Zhangzidao Yamaha (Dalian) FRP Boat Co., Ltd.", will establish a 50,000 m2 factory and office facility in Dalian City, Liaoning Province, and will manufacture and sell FRP* fishery, aquaculture work, and pleasure boats.
The capital of the new company will be 80 million yuan (approximately 1.2 billion yen). The ratio of capital contribution will be 49% by Yamaha and 51% by the Zhangzi Group.

There are approximately 500,000 motorized fishery and work boats operating in China, and it is estimated that over 80% of these are of wooden construction. They place a high burden in terms of effort and cost on their operators in areas such as maintenance and fuel consumption.
Furthermore, the Chinese Government, which having laid out its plans to reduce energy consumption and CO2 emissions, is promoting the transition from wooden boats and old-style outboard motors to FRP boats and outboards with superior fuel economy, leading to an increase in demand for replacement boats and outboards.

In its new medium-term management plan announced in December 2012, Yamaha declared its intention to conduct a global rollout of its comprehensive marine business, consisting of boats, outboard motors, and water vehicles, aiming to reach an annual turnover of 300 billion yen (approximately 3.5 billion U.S. dollars).
The establishment of this new company is a realization of the new medium-term management plan. Subsequent to the recent Brazilian market business expansion, growth is also expected in the Chinese commercial boat market. Yamaha expects to reach its goals from this Chinese market entry initiative.

*Fiber Reinforced Plastic

"Zhangzidao Yamaha (Dalian) FRP Boat Co., Ltd." outline (new company)

Company Name: Zhangzidao Yamaha (Dalian) FRP Boat Co., Ltd.
Location: Puwan New District, Dalian City
Month and Year of Establishment: March 2013 (scheduled)
Representative: Wu Hougang
Capital: 80 million yuan (approximately 1.2 billion yen)
Ratio of capital contribution: 51% by Zhangzidao Group Co., Ltd., and 49% by Yamaha
Employees: 100
Facilities Area: 50,000 m2
Business Operations: Manufacturing, sales, and export of FRP commercial fishing boats, utility boats,
fishing boats, and pleasure boats, marina management and comprehensive marina facilities consulting work
Annual turnover (first FY plan): FY 2014 75 million yuan (approximately 1 billion yen)

Zhangzidao Group Co., Ltd. outline

Company Name: Zhangzidao Group Co., Ltd.
Location: (Registered Address) Shabao Village, Zhangzidao Town, Changhai County, Dalian City
  (Head Office) 17F, 18F China Life Insurance Mansion, No 26 Renmin Road,
    Zhongshan District, Dalian
Established: 1958
Representative: Wu Hougang
Capital: 711,110,000 yuan (approximately 10 billion yen)
(as at late December 2011)
Employees: 4, 335 (as at late December 2011)
Business Operations: Aquaculture, marine processing, domestic and overseas sales of processed products
Turnover (2011): 2,937,410,000 yuan (approximately 42 billion yen)

Yamaha Motor Co., Ltd. outline

Company Name: Yamaha Motor Co., Ltd.
Location: 2500 Shingai, Iwata, Shizuoka, Japan
Established: July 1st, 1955
Representative: Hiroyuki YANAGI
Capital: 85,666,000,000 yen (as at end December 2011)
Employees including affiliated companies: 54,677
Without affiliated companies: 10,159 (as at end December 2011)
Business Operations: Manufacture and sales of motorcycles, boats, outboards motors, etc.
Turnover (2011): 1,276,200,000,000 yen
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