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Young Chang

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</style><table class="infobox ib-company vcard"><caption class="infobox-title fn org" style="font-size: 125%;">HDC Young Chang</caption><tbody><tr><td colspan="2" class="infobox-image ib-company-logo logo"></td></tr><tr><th scope="row" class="infobox-label">Industry</th><td class="infobox-data category"><a href="Musical_instrument" title="Musical instrument">Musical instruments</a></td></tr><tr><th scope="row" class="infobox-label">Founded</th><td class="infobox-data">1956 (1956)</td></tr><tr><th scope="row" class="infobox-label">Founder</th><td class="infobox-data agent">Jai-Young Kim Jai-Chang Kim Jai-Sup Kim</td></tr><tr><th scope="row" class="infobox-label">Headquarters</th><td class="infobox-data adr"><div class="ib-company-locality locality"><a href="Incheon" title="Incheon">Incheon</a></div>, <div class="ib-company-country country-name"><a href="South_Korea" title="South Korea">South Korea</a></div></td></tr><tr><th scope="row" class="infobox-label"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;">Area served</div></th><td class="infobox-data">Worldwide</td></tr><tr><th scope="row" class="infobox-label">Products</th><td class="infobox-data"><a href="Piano" title="Piano">Pianos</a>, <a href="String_instrument" title="String instrument">string instruments</a>, and wind instruments</td></tr><tr><th scope="row" class="infobox-label">Revenue</th><td class="infobox-data">US$281 million (1998)<a href="#cite_note-:0-1">[1]</a>: 3–1 </td></tr><tr><th scope="row" class="infobox-label"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;">Number of employees</div></th><td class="infobox-data">3,817 (1998)<a href="#cite_note-:0-1">[1]</a>: 3–1 </td></tr><tr><th scope="row" class="infobox-label"><a href="Subsidiary" title="Subsidiary">Subsidiaries</a></th><td class="infobox-data"><style data-mw-deduplicate="TemplateStyles:r1126788409">

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<ul><li>Tianjin Young Chang Akki Company</li>

<li>Young Chang (America) Timber</li>

<li>Young Chang America</li>

<li><a href="Weber_Piano_Company" title="Weber Piano Company">Weber Piano Company</a></li>

<li><a href="Kurzweil_Music_Systems" title="Kurzweil Music Systems">Kurzweil Music Systems</a></li></ul>

</li></ul></div></td></tr><tr><th scope="row" class="infobox-label">Website</th><td class="infobox-data"><a rel="nofollow" class="external text" href="http://youngchang.com/">youngchang.com</a></td></tr></tbody></table>

HDC YoungChang (<a href="Hangul" title="Hangul">Hangul</a>: HDC영창) is a South Korean manufacturer of <a href="Piano" title="Piano">pianos</a> and industrial wood working machinery, headquartered in <a href="Incheon" title="Incheon">Incheon</a>, <a href="South_Korea" title="South Korea">South Korea</a>. 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.

<div class="mw-heading mw-heading2"><h2 id="Operations">Operations</h2></div>

Young Chang had four manufacturing facilities as of 1999, three producing pianos and the fourth a <a href="Sawmill" title="Sawmill">sawmill</a> 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 <a href="Seoul" title="Seoul">Seoul</a> and <a href="Incheon" title="Incheon">Incheon</a>, South Korea, both established in 1964, and <a href="Tianjin" title="Tianjin">Tianjin</a>, China, established in 1995. The company also maintained a research and development facility in <a href="Waltham%2C_Massachusetts" title="Waltham, Massachusetts">Waltham, Massachusetts</a>. 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.<a href="#cite_note-:0-1">[1]</a>: E–8

As of the late 1990s, Young Chang, at the time known as Young Chang Akki Company,<a href="#cite_note-:0-1">[1]</a>: 3–1 was among the largest of the world's manufacturers of pianos, alongside <a href="Samick" title="Samick">Samick</a>, <a href="Yamaha_Corporation" title="Yamaha Corporation">Yamaha</a> and <a href="Kawai_Musical_Instruments" title="Kawai Musical Instruments">Kawai</a>,<a href="#cite_note-:0-1">[1]</a>: xiii and one of five <a href="Multinational_corporation" title="Multinational corporation">multinationals</a> producing pianos.<a href="#cite_note-:0-1">[1]</a>: 3–1 Young Chang reported sales in the United States, China, Canada, Korea and the European Union under its own brand.<a href="#cite_note-:0-1">[1]</a>: 5–14

The company also produces pianos for other companies. For instance, it began producing Cline pianos for Cline Piano Company of <a href="Belmont%2C_California" title="Belmont, California">Belmont, California</a> in 1992; and began producing Knabe pianos for Music Systems Research of <a href="Sacramento%2C_California" title="Sacramento, California">Sacaramento, California</a> in the late 1990s.<a href="#cite_note-:0-1">[1]</a>: E–8 Young Chang produced pianos for <a href="Nakamichi" title="Nakamichi">Nakamichi</a> of <a href="Hamamatsu" title="Hamamatsu">Hamamatsu</a>, Japan until 1998; the units were modified by Nakamichi before export to the United States.<a href="#cite_note-:0-1">[1]</a>: E–9 The company had at one time produced <a href="Wurlitzer" title="Wurlitzer">Wurlitzer</a> pianos for United States-distribution by Baldwin Piano & Organ, but this relationship was terminated prior to the late 1990s.<a href="#cite_note-:0-1">[1]</a>: E–9

The company also markets under an alternative brand, Weber, held by subsidiary <a href="Weber_Piano_Company" title="Weber Piano Company">Weber Piano Company</a> 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.<a href="#cite_note-:0-1">[1]</a>: E–9

<div class="mw-heading mw-heading2"><h2 id="History">History</h2></div>

Young Chang was founded in 1956 as a <a href="Distributor_(business)" class="mw-redirect" title="Distributor (business)">distributor</a> of <a href="Yamaha_Corporation" title="Yamaha Corporation">Yamaha</a> pianos for Korea and other parts of Asia.<a href="#cite_note-:0-1">[1]</a>: 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.<a href="#cite_note-2">[2]</a>

During the late 1980s and early 1990s, Young Chang manufactured <a href="Squier" title="Squier">Squier</a> <a href="Electric_guitar" title="Electric guitar">electric guitars</a> and <a href="Bass_guitar" title="Bass guitar">basses</a> for <a href="Fender_Musical_Instruments_Corporation" class="mw-redirect" title="Fender Musical Instruments Corporation">Fender Musical Instruments Corporation</a>, and also manufactured acoustic, acoustic/electric, electric guitars and basses under their own "Fenix" brand.<a href="#cite_note-3">[3]</a> 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.In addition to guitars and pianos (<a href="Vertical_piano" class="mw-redirect" title="Vertical piano">vertical</a> and <a href="Grand_Piano" class="mw-redirect" title="Grand Piano">grand</a> varieties), Young Chang produced in the late 1990s <a href="Harmonica" title="Harmonica">harmonicas</a>, <a href="Reed_Organ" class="mw-redirect" title="Reed Organ">reed organs</a> and industrial woodworking machinery.<a href="#cite_note-:0-1">[1]</a>: E–7

In 1986, the company established <a href="Weber_Piano_Company" title="Weber Piano Company">Weber Piano Company</a>, 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 <a href="Samsung" title="Samsung">Samsung</a> America in 1987.<a href="#cite_note-:0-1">[1]</a>: 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 <a href="Foundry" title="Foundry">foundry</a> for production of <a href="Piano#piano_plate" title="Piano">piano plates</a> in <a href="Tianjin" title="Tianjin">Tianjin</a>, 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.<a href="#cite_note-:0-1">[1]</a>: E–9

In 1990, Young Chang purchased <a href="Kurzweil_Music_Systems" title="Kurzweil Music Systems">Kurzweil Music Systems</a>, a maker of high end electronic and digital musical instruments.

In 1991, Young Chang invested US$32 million to establish a subsidiary in <a href="Tacoma%2C_Washington" title="Tacoma, Washington">Tacoma, Washington</a>, Young Chang (America) Timber, to cut and process North American <a href="Spruce" title="Spruce">spruce</a> and <a href="Maple" title="Maple">maple</a> for export to its Asian manufacturing sites.<a href="#cite_note-:0-1">[1]</a>: 3–5 : 6–11 : E–8

In 1995, Young Chang opened a new US$40 million factory in Tianjin.<a href="#cite_note-:0-1">[1]</a>: 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.<a href="#cite_note-:0-1">[1]</a>: 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.<a href="#cite_note-:0-1">[1]</a>: 4–15 : 6–12

<a href="Joseph_Pramberger" title="Joseph Pramberger">Joseph Pramberger</a>, 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 <a href="Samick" title="Samick">Samick</a>, 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 <a href="Bankruptcy" title="Bankruptcy">bankruptcy</a>, emerging in August 1998.<a href="#cite_note-:0-1">[1]</a>: 5–12 Young Chang has more than 2,000 full-time workers, designing and building its upright and grand pianos, and also the electronic <a href="Kurzweil_Music_Systems" title="Kurzweil Music Systems">Kurzweil Music Systems</a>.

In 2004, <a href="Samick" title="Samick">Samick Musical Instrument Co.</a> 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.<a href="#cite_note-4">[4]</a>

<a href="Hyundai_Development_Company" class="mw-redirect" title="Hyundai Development Company">Hyundai Development Company</a> acquired Young Chang in 2006. The company was renamed to HDC Young Chang in 2018.<a href="#cite_note-5">[5]</a>

<ul><li><a href="Samick" title="Samick">Samick</a></li>

<li><a href="Weber_Piano_Company" title="Weber Piano Company">Weber Piano Company</a></li></ul>

<div class="mw-heading mw-heading2"><h2 id="References">References</h2></div>

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</style><cite id="CITEREFLundyDominquePoganySastrum1999" class="citation report cs1">Lundy, David; Dominque, David; Pogany, Peter; Sastrum, Carl; Watkins, Ralph (May 1999). <a rel="nofollow" class="external text" href="https://www.usitc.gov/publications/docs/pubs/332/pub3196.pdf">Pianos: Economic and Competitive Conditions Affecting the U.S. Industry (Publication 3196)</a> (PDF) (Report). U.S. International Trade Commission. Investigation No. 332-401. Retrieved 21 July 2018.</cite>

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<li id="cite_note-2"><a href="#cite_ref-2">^</a> <cite id="CITEREFPalmieri2003" class="citation book cs1">Palmieri, Robert, ed. (2003). <a rel="nofollow" class="external text" href="https://archive.org/details/pianoencyclopedi00palm">Piano: An Encyclopedia</a> (2. ed.). New York [u.a.]: Routledge. p. <a rel="nofollow" class="external text" href="https://archive.org/details/pianoencyclopedi00palm/page/n452">442</a>. <a href="ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <bdi>0-415-93796-5</bdi>.</cite>

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<li id="cite_note-3"><a href="#cite_ref-3">^</a> Blue Book Of Electric Guitars 9th Edition Zachary Fjestad, Edited by S.P. Fjestad <a href="ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <bdi>1-886768-57-9</bdi>

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<li id="cite_note-4"><a href="#cite_ref-4">^</a> Korea Fair Trade Commission, Acquisition of Young Chang Co. by Samick Musical Instrument Co., Decision No.2004-271, Lee, Min Ho

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<li id="cite_note-5"><a href="#cite_ref-5">^</a> <cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.hdc-youngchang.com/eng/company/history">"Company History"</a>. Retrieved November 22, 2019.</cite>

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<div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2></div>

<ul><li><a rel="nofollow" class="external text" href="http://www.ycpiano.co.kr/">Official website</a> </li></ul></div><div><div class="zim-footer">

This article is issued from <a class="external text" title="Last edited on 2025-02-21" href="https://en.wikipedia.org/wiki/?title=Young_Chang&oldid=1276960392">Wikipedia</a>. The text is available under <a class="external text" href="https://creativecommons.org/licenses/by-sa/4.0/deed.en">Creative Commons Attribution-Share Alike 4.0</a> unless otherwise noted. Additional terms may apply for the media files.

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