JMT Web News

March 10, 2017 01:52 PM

Kawai – Parsons Capital and Business Tie-Up. Parsons will be the largest share-holder

Kawai Musical Instruments MFG. Co., Ltd. (President: Mr. Hirotaka Kawai) announced that a resolutional decision for entering into a capital and business tie-up with Parsons Music Corporation (PMC) has made at the board of directors meeting on February 9, 2017.

 

This year Kawai celebrates its 90th anniversary and the company will be implementing a medium-term management plan, known as a “Resonate 2018, pursing a strategy for their core business of musical instruments and education, head towards establishing themselves as a 100-year-old brand. The market of China is particularly important for their three-in-one business structure of musical instrument sales, music schools and piano tuning.

 

PMC is a major music group that owns 39 related subsidiaries and 92 music shops for manufacturing, sales of musical instruments, and developing human resources in Hong Kong and mainland of China, including development of music and the music art industry, such as contests, music events, etc.

 

Kawai and PMC started a joint business to sell pianos in 1993, and since then they have deepened the partnership to include piano manufacturing under subcontract with Kawai and established a joint investment firm for producing electronic musical instruments. Details of this new relation are as follows.

 

  1. Manufacturing of Kawai brand musical instruments
  2. Promotion, sales and after-service of Kawai brand musical instruments
  3. Deployment of music lessons and training of music teachers
  4. Popularizing tuning services, training of piano tuners, and improvement of piano tuning techniques
  5. Development and planning of new products, services and music events, etc. for evolving and prospering the music industry

 

PMC will acquire 896,000 common stocks, issued by Kawai, amounting 9.94% of the total number of shares outstanding makes PMC to become the first place of registered shareholders, while Kawai owns US$16,500,000.00 in total convertible bonds issued by a subsidiary of PMC.

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