Yamaha to Acquire Bösendorfer
Yamaha has announced it has reached a basic agreement to purchase 100% of the shares of Austrian piano maker L. Bösendorfer Klavierfabrik GmbH from the Austrian Bank BAWAG P.S.K. Group. On Dec. 20 Yamaha signed a contract with BAWAG in Vienna, Austria.
According to media speculation in Japan, Yamaha is paying approximately 15 million euros ($21.5 million) to acquire Bösendorfer.
Bösendorfer was founded in 1828 and is a manufacturer of premium pianos, especially concert grands. After becoming a subsidiary of Kimball Piano & Organ Company in 1966, Bösendorfer was acquired in 2002 by the BAWAG, an Austrian financial group.
Bösendorfer currently employs 180 and had net sales of approximately 13.5 euros ($19.4 million) in its 2006 fiscal year. Total assets are estimated at 15.7 million euros ($22.5 million.)
The Austrian luxury piano maker has struggled in recent years, reporting a loss of $2.9 million in 2006 and carrying debt of about 8 million euros ($11.5 million) for that year. The company sold just 280 units in 2006, down from an average of 500 in recent years and a high-water mark of 800.