Wednesday, October 24, 2007 Yamaha, Norkis ink new business deal
YAMAHA Motor Co. Ltd, one of Japan’s major motorcycle manufacturers, organized Yamaha Motor Philippines Inc. (YMPI) to obtain a bigger market for its two-wheel products in the country.
Yamaha Motor has also renewed its business relationship with the Norkis Group, its exclusive Philippine distributor since 1962, under the new set-up.
Norkis has also organized a new wholly-owned subsidiary, Philippine Power MC Distribution Inc. (PPDI), to handle the Yamaha motorcycle dealership business effective this month.
The renewed business partnership between Yam-aha Motor and PPDI was formalized recently between Yoshiaki Takeda, YMPI president, and Luis Quisumbing, PPDI president.
Takeda expressed strong optimism in the motorcycle market as demand for the two-wheel motor vehicles will continue to expand due to improving economic conditions in the country.
Direct investment
He said because of this positive projection, Yama-ha has decided to invest directly in the Philippines, by establishing wholly-owned subsidiary YMPI to take advantage of the rapid market growth.
“With its presence in the local motorcycle industry, YMPI intends to become one of the key players in the market by establishing its premium brand image on top of high-quality product and services,” Takeda said.
Norkis, on the hand, will continue its Yamaha motorcycle retail business through PPDI’s retail outlets nationwide.
Under the new business partnership, Yamaha showrooms owned by Norkis will be upgraded and modernized to maintain the company’s commitment to provide satisfaction to customers, Quisumbing said.
Norkis will continue financing Yamaha motorcycle buyers through its retail-financing arm, Norkis Financials Corp., which provides competitive and affordable terms in the market. (PR)
