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KENWOOD TO MERGE FIVE COMPANIES INTO KENWOOD U.S.A. LONG BEACH, CALIFORNIA-KENWOOD Corporation today announced organizational changes in the United States that include the merging of five companies and a restructuring of its executive management, based here. According to a corporate official, the new structure is being implemented to better serve KENWOOD's primary markets: Mobile and Home Entertainment and Land Mobile Radio Communications. According to Moriyuki Tamura, who heads all North American operations for the company, KENWOOD will merge KENWOOD Communications Corporation (KCC), KENWOOD Systems Incorporated (KSI), KENWOOD Service Corporation (KSC) and KENWOOD Americas Corporation (KAC) into KENWOOD U.S.A. Corporation (KUSA) on October 31, 2002, in a tax free statutory merger. With the merger, Mr. Tamura said, his title will change from President of KENWOOD Americas to President of KENWOOD U.S.A. Prior to the merger, KENWOOD U.S.A. was already the largest affiliate company of the Tokyo-based company. Following the merger, two divisions of KENWOOD U.S.A. will handle all product marketing in the United States. The Consumer Electronics Division, under the direction of Bob Law, Vice President, will handle all home and mobile entertainment products. The Communications Division, under Mr. Tamura, will handle all Land Mobile and Amateur Radio Products. Mr. Tamura, age 52, said the merger will enable KENWOOD to streamline its reporting structure to improve responsiveness and operating efficiency. Several managerial and mid-level positions will be eliminated, he said, resulting in an estimated annual savings of $1.2 million. "These changes will strengthen global administration and bring top management closer to the market," said Mr. Tamura. The restructuring will be substantially implemented by November 1, 2002, he said.
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