Grey purchased the remaining 40.9% stake of its Japanese partner to make Grey Daiko a wholly owned subsidiary.
With 1998 billings of $1.38 billion and 110 employees, Grey Daiko now becomes one of the largest Western-owned advertising agencies in Japan. Its client roster includes: Brown & Williamson; Danone;Dell Computer Corp.; Mars Inc.; Porsche; Procter &Gamble Co., including Hugo Boss and Giorgio BeverlyHills fragrances; Smith-Kline Beecham and Wm. Wrigley Co.
"Full ownership of our Tokyo agency will enable us to accelerate our investment in specialized communications and capitalize on the growth opportunities presented by the globalization of Japan's economy," said Edward H. Meyer, chairman, president and CEO of Grey Advertising.
Jonathan Fox, CEO of Grey Asia Pacific, said, "This acquisition underscores our confidence in the economic potential of the Japanese marketplace. We intend to develop the best resources and strategic partners in Japan to further our expansion as a total communications company."
Grey Daiko will continue to operate under its current name and be led by Steve Bretschneider, president-CEO.Grey and Daiko will cooperate both overseas and in Japan to service their respective clients.
Grey Advertising ranks as the fifth-largest advertising agency in the world and is No. 1 in the U.S. according to Advertising Age International.
Copyright August 1999, Crain Communications Inc.