South Korean manufacturer of pianos and industrial wood working machinery
HDC YoungChang
(
Hangul
: HDC營倉) is a South Korean manufacturer of
pianos
and industrial wood working machinery, headquartered in
Incheon
,
South Korea
. Young Chang currently holds 50% of the South Korean piano market. The company is among the largest and most automated of the world's piano manufacturers.
Operations
[
edit
]
Young Chang had four manufacturing facilities as of 1999, three producing pianos and the fourth a
sawmill
producing wood for export from the United States. The sawmill was located in Tacoma, Washington and was established in 1991. Piano manufacturing took place in plants in
Seoul
and
Incheon
, South Korea, both established in 1964, and
Tianjin
, China, established in 1995. The company also maintained a research and development facility in
Waltham, Massachusetts
. The company's Tianjin manufacturing site is run through subsidiary
Tianjin Young Chang Akki Company, Limited
, while the Tacoma sawmill is managed through subsidiary
Young Chang America Timber, Incorporated
.
[1]
: E?8
As of the late 1990s, Young Chang, at the time known as
Young Chang Akki Company,
[1]
: 3?1
was among the largest of the world's manufacturers of pianos, alongside
Samick
,
Yamaha
and
Kawai
,
[1]
: xiii
and one of five
multinationals
producing pianos.
[1]
: 3?1
Young Chang reported sales in the United States, China, Canada, Korea and the European Union under its own brand.
[1]
: 5?14
The company also produces pianos for other companies. For instance, it began producing Cline pianos for
Cline Piano Company
of
Belmont, California
in 1992; and began producing Knabe pianos for
Music Systems Research
of
Sacaramento, California
in the late 1990s.
[1]
: E?8
Young Chang produced pianos for
Nakamichi
of
Hamamatsu
, Japan until 1998; the units were modified by Nakamichi before export to the United States.
[1]
: E?9
The company had at one time produced
Wurlitzer
pianos for United States-distribution by
Baldwin Piano & Organ
, but this relationship was terminated prior to the late 1990s.
[1]
: E?9
The company also markets under an alternative brand, Weber, held by subsidiary
Weber Piano Company
established in 1986. This brand was established specifically for English-speaking markets where a Korean brand name, as opposed to a German or American name, might be a disincentive to purchase.
[1]
: E?9
History
[
edit
]
Young Chang was founded in 1956 as a
distributor
of
Yamaha
pianos for Korea and other parts of Asia.
[1]
: E?8
The company was founded by three brothers, Jai-Young Kim, Jai-Chang Kim and Jai-Sup Kim, as South Korea emerged as a major economy and producer of high quality goods. The first Young Chang factory was built in Seoul in 1964.
[2]
During the late 1980s and early 1990s, Young Chang manufactured
Squier
electric guitars
and
basses
for
Fender Musical Instruments Corporation
, and also manufactured acoustic, acoustic/electric, electric guitars and basses under their own "Fenix" brand.
[3]
However, because of the similarities to the Fender brand and instruments, Young Chang could not sell the Fenix instruments due to licensing issues with Fender, and production stopped.
[
citation needed
]
In addition to guitars and pianos (
vertical
and
grand
varieties), Young Chang produced in the late 1990s
harmonicas
,
reed organs
and industrial woodworking machinery.
[1]
: E?7
In 1986, the company established
Weber Piano Company
, which sells pianos under the Weber brand name, which it had purchased rights to use after the demise of the Aeolian Piano Company in 1985. Young Chang subsequently sold this subsidiary to
Samsung
America in 1987.
[1]
: E?9
From 1987-1988 Young Chang manufactured and supplied electric guitars to U.S musical instrument chain store Samuel Music Company. These were sold under Samuel Music's house brand "Vester". The guitars were imported into the United States by Midco Music (now Musicorp.) After 1988 Samuel Music used other Korean musical instrument factories to build acoustic and electric guitars.
In 1988, Young Chang established a
foundry
for production of
piano plates
in
Tianjin
, China, to supplement production of this key component, also produced in Korea. The success of this facility was one factor leading to the 1995 establishment of a piano manufacturing facility in Tianjin.
[1]
: E?9
In 1990, Young Chang purchased
Kurzweil Music Systems
, a maker of high end electronic and digital musical instruments.
In 1991, Young Chang invested
US$32 million
to establish a subsidiary in
Tacoma, Washington
,
Young Chang (America) Timber
, to cut and process North American
spruce
and
maple
for export to its Asian manufacturing sites.
[1]
: 3?5
: 6?11
: E?8
In 1995, Young Chang opened a new
US$40 million
factory in Tianjin.
[1]
: 2?11
: 5?5
The Chinese facility allowed Young Chang to start serving the low-end markets, part of a long-term strategy involving shifting production from Korea to China.
[1]
: 4?12
The quality of pianos produced by this new plant was initially high, but dropped sharply after technicians who had helped set up the production returned to Korea, which had a significant impact on their ability to complete sales.
[1]
: 4?15
: 6?12
Joseph Pramberger
, a former vice president from Steinway & Sons (head of manufacturing) and an experienced piano designer, joined the company in 1995. Pramberger brought many innovations to piano design, including the "Platinum Touch Action" and the patented asymmetrically tapered soundboard. The
Pramberger Platinum
series, introduced in 2001, was Young Chang's top-of-the-line for three years. These models incorporated some German materials including Renner action parts. Joseph Pramberger died in 2003, and the following year, his estate sold the Pramberger name to
Samick
, but his patents and innovations are still exclusive to Young Chang.
The year following the opening of the Tianjin, China factory, in October 1996, Young Chang entered into
bankruptcy
, emerging in August 1998.
[1]
: 5?12
Young Chang has more than 2,000 full-time workers, designing and building its upright and grand pianos, and also the electronic
Kurzweil Music Systems
.
In 2004,
Samick Musical Instrument Co.
acquired a 48.13% stake in Young Chang, gained a controlling interest through a capital increase, and took control over management of the company. However, the Korea Fair Trade Commission blocked the acquisition as it would create a monopoly and ordered Samick to dispose of its shares in Young Chang. Following the Fair Trade Commission's decision, Young Chang went bankrupt on September 21, 2004.
[4]
Hyundai Development Company
acquired Young Chang in 2006. The company was renamed to HDC Young Chang in 2018.
[5]
See also
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]
References
[
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]
- ^
a
b
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f
g
h
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k
l
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o
p
q
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s
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Lundy, David; Dominque, David; Pogany, Peter; Sastrum, Carl; Watkins, Ralph (May 1999).
Pianos: Economic and Competitive Conditions Affecting the U.S. Industry (Publication 3196)
(PDF)
(Report). U.S. International Trade Commission. Investigation No. 332-401
. Retrieved
21 July
2018
.
- ^
Palmieri, Robert, ed. (2003).
Piano: An Encyclopedia
(2. ed.). New York [u.a.]: Routledge. p.
442
.
ISBN
0-415-93796-5
.
- ^
Blue Book Of Electric Guitars 9th Edition Zachary Fjestad, Edited by S.P. Fjestad
ISBN
1-886768-57-9
- ^
Korea Fair Trade Commission,
Acquisition of Young Chang Co. by Samick Musical Instrument Co.,
Decision No.2004-271, Lee, Min Ho
- ^
"Company History"
. Retrieved
November 22,
2019
.
External links
[
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]