Japan's Yamaha Motor Co., Ltd. has purchased SOQI Inc., a manufacturer of power products such as ATVs and generators.
Yamaha Motor's Board of Directors, at a meeting February 8, 2005, resolved to make SOQI a wholly owned subsidiary pursuant to the simplified share exchange provisions of the Commercial Code of Japan. The purchase was made to promote quick decision-making, enhance management agility, and streamline and strengthen the production system, Yamaha leadership said in a prepared statement.
SOQI principal shareholders include Yamaha Motor Co., Ltd., 78.9%; Yamaha Corporation, 3.2%; Kawakami Foundation, 2.0%. SOQI reported Dec. 31, 2004 year-end sales of 57,567 million yen and net income 464 million yen. The company's assets totaled 14,885 million yen.
Yamaha Motor will issue 386,589 new shares of common stock, which will be added together with the 300,000 shares of common stock currently held by Yamaha Motor as treasury stock. Yamaha Motor will allocate the total of 686,589 shares of common stock to the shareholders of SOQI under the share exchange agreement.
Yamaha posted December 31, 2004 year-end sales of 501,555 million and net income of 6,715 million yen. Total assets were 450,812 million yen. Its principal shareholders include Yamaha Corporation, 22.9%; The Master Trust Bank of Japan, Ltd. (trust account), 6.1%; Japan Trustee Services Bank, Ltd. (trust account), 5.4%; Toyota Motor Corporation, 4.4%; Mizuho Trust & Banking Co., Ltd., Employee Retirement Benefit Trust, 3.9%.
Incorporated in 1944 and employing 694 people, SOQI is a manufacturer of power products (including all-terrain vehicles, generators, multi-purpose engines, and golf cars); shock absorbers for motorcycles and four-wheel vehicles, and other products. Yamaha Motor has most recently served as its primary customer.
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