Vienna - The takeover of Austrian piano manufacturer Boesendorfer by Japanese piano-maker Yamaha was hailed Friday by both parties. The special sound of the Vienna-made pianos was much admired and sought after, the new Japanese owners stressed at a press conference held at Boesendorfer's own concert hall on its factory premises in the city centre.
"The sound of Yamaha and Boesendorfer was so different, that is why we fit so well," said Hiroo Okabe, director of Yamaha's music instruments division.
The Austrians are to remain producer of high-quality pianos with the "special Vienna sound," Yamaha said.
Boesendorfer would stay an independent company within the Yamaha group, Okabe said. Yamaha would work at trying to extend the sales with the existing 183-strong workforce.
Production facilities were going to remain in Austria, Hitoshi Fukutome, general sales manager of piano department said, but it remained unclear whether Boesendorfer's production lines of loudspeakers and electronic pianos would be continued as well.
"We respect the sound of Boesendorfer, and the people who make it are here and stay here," he said. "while others moved to an international sound, Boesendorfer stuck to their home sound."
Both parties declined to comment on media speculation that Yamaha paid between 10 and 15 million euros for the ailing piano maker. "We can't disclose the price for the company," Boesendorfer manager Alfred Zellinger said.
Negotiations over Boesendorfer, that was owned by Austria's BAWAG P.S.K. bank, dragged on for 18 months, with hundreds of companies and individuals expressing their interest, Zellinger said.
The sale of the struggling piano maker came as part of a consolidation drive of BAWAG bank. The formerly union-owned bank had been taken over by US fund Cerberus earlier this year after a currency speculation scandal almost led to BAWAG's collapse.
During the negotiation process it had become clear that Yamaha was emerging as a very desirable partner, even to the extent of overcoming opposition to selling to a foreign investor the 1828- founded manufacturer regarded a national Austrian icon.
Boesendorfer, believed to have debts of about 8 million euros and reported losses of 2 million euros (2.9 million dollars) in 2006, has only about three yeas to get back in the black, Okabe said.
Yamaha was to put its worldwide network to good use, and change logistics and distribution, in order to create synergy effects.
