imported>DB1729: /* Operations */ removed misspelled pipe label

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Operations: removed misspelled pipe label

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	As of the late 1990s, Young Chang, at the time known as ''Young Chang Akki Company,''<ref name=":0" />{{Rp\|3–1}} was among the largest of the world's manufacturers of pianos, alongside [[Samick]], [[Yamaha Corporation\|Yamaha]] and [[Kawai Musical Instruments\|Kawai]],<ref name=":0" />{{Rp\|xiii}} and one of five [[Multinational corporation\|multinationals]] producing pianos.<ref name=":0" />{{Rp\|3–1}} Young Chang reported sales in the United States, China, Canada, Korea and the European Union under its own brand.<ref name=":0" />{{Rp\|5–14}}		As of the late 1990s, Young Chang, at the time known as ''Young Chang Akki Company,''<ref name=":0" />{{Rp\|3–1}} was among the largest of the world's manufacturers of pianos, alongside [[Samick]], [[Yamaha Corporation\|Yamaha]] and [[Kawai Musical Instruments\|Kawai]],<ref name=":0" />{{Rp\|xiii}} and one of five [[Multinational corporation\|multinationals]] producing pianos.<ref name=":0" />{{Rp\|3–1}} Young Chang reported sales in the United States, China, Canada, Korea and the European Union under its own brand.<ref name=":0" />{{Rp\|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 [[Sacramento~~, California\|Sacaramento~~, California]] in the late 1990s.<ref name=":0" />{{Rp\|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.<ref name=":0" />{{Rp\|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.<ref name=":0" />{{Rp\|E–9}}		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 [[Sacramento, California]] in the late 1990s.<ref name=":0" />{{Rp\|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.<ref name=":0" />{{Rp\|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.<ref name=":0" />{{Rp\|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.<ref name=":0" />{{Rp\|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.<ref name=":0" />{{Rp\|E–9}}

imported>Joppa Chong: /* External links */ deeper cat

2025-02-21T20:10:04Z

External links: deeper cat

New page

{{short description|South Korean manufacturer of pianos and industrial wood working machinery}}
{{Infobox company
| name = HDC Young Chang
| logo = Young chang logo.png
| logo_size = 250px
| industry = [[Musical instrument]]s
| foundation = {{start date and age|1956}}
| founder = Jai-Young Kim<br>Jai-Chang Kim<br>Jai-Sup Kim
| location_city = [[Incheon]]
| location_country = [[South Korea]]
| area_served = Worldwide
| key_people =
| products = [[Piano]]s, [[string instrument]]s, and wind instruments
| production =
| revenue = {{US$|281 million}} {{small|(1998)}}<ref name=":0" />{{Rp|3–1}}
| operating_income =
| net_income =
| assets =
| equity =
| owner =
| num_employees = 3,817 {{small|(1998)}}<ref name=":0" />{{Rp|3–1}}
| parent =
| divisions =
| subsid = {{Unbulleted list|
* Tianjin Young Chang Akki Company
* Young Chang (America) Timber
* Young Chang America
* [[Weber Piano Company]]
* [[Kurzweil Music Systems]]
}}
| market cap =
| homepage = [http://youngchang.com/ youngchang.com]
}}

'''HDC YoungChang''' ([[Hangul]]: HDC영창) is a South Korean manufacturer of [[piano]]s 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 ==
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''.<ref name=":0" />{{Rp|E–8}}

As of the late 1990s, Young Chang, at the time known as ''Young Chang Akki Company,''<ref name=":0" />{{Rp|3–1}} was among the largest of the world's manufacturers of pianos, alongside [[Samick]], [[Yamaha Corporation|Yamaha]] and [[Kawai Musical Instruments|Kawai]],<ref name=":0" />{{Rp|xiii}} and one of five [[Multinational corporation|multinationals]] producing pianos.<ref name=":0" />{{Rp|3–1}} Young Chang reported sales in the United States, China, Canada, Korea and the European Union under its own brand.<ref name=":0" />{{Rp|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 [[Sacramento, California|Sacaramento, California]] in the late 1990s.<ref name=":0" />{{Rp|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.<ref name=":0" />{{Rp|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.<ref name=":0" />{{Rp|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.<ref name=":0" />{{Rp|E–9}}

==History==
Young Chang was founded in 1956 as a [[Distributor (business)|distributor]] of [[Yamaha Corporation|Yamaha]] pianos for Korea and other parts of Asia.<ref name=":0">{{Cite report|url=https://www.usitc.gov/publications/docs/pubs/332/pub3196.pdf|title=Pianos: Economic and Competitive Conditions Affecting the U.S. Industry (Publication 3196)|last=Lundy|first=David|last2=Dominque|first2=David|date=May 1999|publisher=U.S. International Trade Commission|id=Investigation No. 332-401|last3=Pogany|first3=Peter|last4=Sastrum|first4=Carl|last5=Watkins|first5=Ralph|access-date=21 July 2018|format=PDF}}</ref>{{Rp|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.<ref>{{cite book|editor-first=Robert |editor-last=Palmieri |title=Piano: An Encyclopedia|url=https://archive.org/details/pianoencyclopedi00palm |url-access=limited |date=2003|publisher=Routledge|location=New York [u.a.]|isbn=0-415-93796-5|page=[https://archive.org/details/pianoencyclopedi00palm/page/n452 442]|edition=2.}}</ref>

During the late 1980s and early 1990s, Young Chang manufactured [[Squier]] [[electric guitar]]s and [[Bass guitar|basses]] for [[Fender Musical Instruments Corporation]], and also manufactured acoustic, acoustic/electric, electric guitars and basses under their own "Fenix" brand.<ref>Blue Book Of Electric Guitars 9th Edition Zachary Fjestad, Edited by S.P. Fjestad {{ISBN|1-886768-57-9}}</ref> 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|date=January 2009}}In addition to guitars and pianos ([[Vertical piano|vertical]] and [[Grand Piano|grand]] varieties), Young Chang produced in the late 1990s [[harmonica]]s, [[Reed Organ|reed organs]] and industrial woodworking machinery.<ref name=":0" />{{Rp|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.<ref name=":0" />{{Rp|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#piano plate|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.<ref name=":0" />{{Rp|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.<ref name=":0" />{{Rp|3–5}}{{Rp|6–11}}{{Rp|E–8}}

In 1995, Young Chang opened a new {{US$|40 million}} factory in Tianjin.<ref name=":0" />{{Rp|2–11}}{{Rp|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.<ref name=":0" />{{Rp|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.<ref name=":0" />{{Rp|4–15}}{{Rp|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.<ref name=":0" />{{Rp|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|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.<ref>Korea Fair Trade Commission, '''Acquisition of Young Chang Co. by Samick Musical Instrument Co.,''' Decision No.2004-271, Lee, Min Ho</ref>


[[Hyundai Development Company]] acquired Young Chang in 2006. The company was renamed to HDC Young Chang in 2018.<ref>{{cite web|url=http://www.hdc-youngchang.com/eng/company/history|title=Company History|access-date=November 22, 2019}}</ref>

== See also ==
*[[Samick]]
*[[Weber Piano Company]]

==References==
{{reflist}}

==External links==
* {{official website}}

[[Category:manufacturing companies based in Incheon]]
[[Category:Engineering companies of South Korea]]
[[Category:Manufacturing companies established in 1956]]
[[Category:Musical instrument manufacturing companies of South Korea]]
[[Category:Piano manufacturing companies]]
[[Category:South Korean brands]]

Young Chang - Revision history

imported>DB1729: /* Operations */ removed misspelled pipe label

imported>Joppa Chong: /* External links */ deeper cat