SEOUL, NNA - Japanese audio equipment maker Hibino Corp. will take a controlling share in three companies belonging to South Korean rival Sama Sound group, as part of its expansion overseas.
Hibino has agreed to acquire a 60 percent stake each in Sama Sound Inc., Sama D&I Co. and Sama CDS Inc., one of its directors told NNA Thursday. He declined to comment on the transaction value. The process will be completed this year.
The Tokyo-based company sells, designs and installs its systems at concert halls, recording studios and other facilities. It expanded into South Korea in 1976, its first step into a foreign market.
The three firms in the Sound Sama group import U.S. Shure brand microphones and wireless systems as well as audio products made by Finland’s Genelec, Germany’s K&M and others.
Combined sales of the three companies total 2.5 billion yen ($22 million), according to Hibino.
They have more than 150 clients, ranging from broadcast stations to concert audio equipment firms and churches, and they supply musical instruments to over 600 outlets across the country.
Hibino group sales totaled 29.7 billion yen in the year to March. The company is aiming for 50 billion yen in the year to March 2021, with overseas sales accounting for 15 percent, according to its mid-term management plan.
The company has established local units in China, Hong Kong, Germany, Thailand and the United States.