Tuesday, January 22, 2008

TC Swallows Gibson Guitar

Another American icon sold off (sorry, merged but now managed in Denmark)...

Anaheim, CA (January 22, 2008)--Henry Juszkiewicz, chairman and CEO of Gibson Guitar, and Anders Fauerskov, CEO of TC Group, announced that they are planning to merge. The announcement was made at the NAMM Show.

"This merger will revolutionize the music industry for many years to come," said Henry Juszkiewicz, chairman and CEO of Gibson Guitar. "The synergy between the two companies will allow us an enormous advantage in the development of new audio technologies and brings together two of the world's most powerful brands."

"The opportunities ahead are very exciting for us," said Anders Fauerskov, chief executive officer of TC Group. "This merger will create exciting new opportunities for all employees within TC Group and Gibson, and in particular, fantastic new tools for our markets and customers. This partnership will allow us to expand our leadership position in the marketplace."

The announcement marks a preliminary agreement between the two companies. Under the terms of the new acquisition, Fauerskov will remain based in Europe, and serve as chief operating officer of the new combined Gibson Guitar Corp. The two companies expect to finalize the deal by the end of February 2008. Terms of the deal are not disclosed.

TC Group, headquartered in Risskov, Denmark, is a holding company of five individual companies consisting of Tannoy Group, Lab.gruppen, TC Electronic Group, TC-Helicon and TC Applied Technologies. Founded in 1894 in Kalamazoo, MI, and headquartered in Nashville since 1984, Gibson Guitar Corp.'s family of brands now includes Epiphone, Dobro, Maestro, Kramer, Steinberger, Tobias, Echoplex, Electar, Flatiron, Gibson Baldwin Music Education, Slingerland, Valley Arts, Oberheim, Sunshine Piano, Take Anywhere Technology, Baldwin, J&C Fischer, Chickering, Hamilton and Wurlitzer.