Jan. 23, 2005 – Yamaha renames SOQI subsidiary
January 23, 2005
Filed under Features
SOQI, Inc., a wholly owned Japan-based subsidiary of Yamaha Motor Co., Ltd., was renamed Yamaha Motor Powered Products Co., Ltd., effective Jan. 1.
SOQI is a manufacturer of Yamaha-brand powered products, including all-terrain vehicles, golf cars and generators, as well as suspension components.
Yamaha officials say the name change will allow the subsidiary company to become better known as a member of the Yamaha Motor Group, and improve the sense of unity among the group companies.
Concurrent with the name change, SOQI will spin off its shock absorber manufacturing division and transfer its functions to a new wholly owned subsidiary. Effective Jan. 1, the new company began operations as SOQI H·S Co., Ltd. (“H·S” representing “hydraulic system”).
Yamaha expects the establishment of SOQI H·S Co., Ltd. to bolster the company’s business competitiveness by allowing it to specialize in the manufacture and sale of shock absorbing components. SOQI H·S Co., Ltd., capitalized at 90 million yen, has a projected 2006 annual sales volume of 7.2 billion yen ($62.9 million).
Yamaha Motor Powered Products Co., Ltd., capitalized at 275.36 million yen, has a projected 2006 annual sales volume of 73 billion yen ($637 million). It had sales of approximately 80 billion yen ($698 million) in 2005.
Both Yamaha Motor Powered Products Co., Ltd. and SOQI H·S Co., Ltd. will be based in Kakegawa, Shizuoka, Japan, and led by President and Representative Director Yoshio Mabuchi.
SOQI was launched when Showa Works Co., Ltd. and Shimba-Shibori Mfg. Co., Ltd. merged in 1988. Showa Works was a manufacturer of Yamaha-brand powered products such as generators and golf cars, as well as shock absorbers for motorcycles, while Shimba-Shibori Mfg. was engaged mainly in assembling Yamaha ATVs and motorcycles.
In June 2005, Yamaha Motor Co., Ltd. turned SOQI into a wholly owned subsidiary through a share exchange. SOQI principal shareholders included Yamaha Motor Co., Ltd., 78.9%; Yamaha Corporation, 3.2%; Kawakami Foundation, 2.0%. At the time, Yamaha officials said the purchase was made to promote quick decision-making, enhance management agility and streamline and strengthen the production system. psb