Yamaha to acquire Austrian piano maker Boesendorfer.
Austria's L. Boesendorfer Klavierfabrik GmbH, one of the world's oldest piano makers, has chosen Japan's Yamaha Corp. to acquire the company, informed sources said Wednesday.
Yamaha, the world's largest piano maker in terms of volume output, won a bidding battle for Boesendorfer with Austria's Joseph Brodmann Piano Group, which is owned by U.S. hedge fund Cerberus.
The Japanese firm is expected to pay around 2.4 billion yen for all shares of Boesendorfer in a bid to take advantage of the 179-year-old piano maker to enhance Yamaha's brand value and piano business, the sources said.
Some Austrians are reportedly opposed to the sale of the traditional piano maker to a foreign firm, which is why Yamaha is expected to retain Boesendorfer's existing facilities in Austria, they said.
Boesendorfer, founded in 1828, uses some 130 skilled crafters to hand make some 350 quality pianos annually.
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|Publication:||Japan Transportation Scan|
|Date:||Dec 1, 2007|
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