Gibson to Acquire Baldwin Piano Company
November 2, 2001
Gibson Guitar Corporation announced today
that it has signed a letter of intent to purchase
GE Capital's rights under a contract to acquire
the assets of the Baldwin Piano & Organ
Company. GE Capital, the secured lender for
Baldwin, signed a contract to acquire the
Baldwin assets in a credit auction on October 15, after the piano maker filed Chapter 11 bankruptcy in May
of this year. GE Capital is Baldwin's largest secured creditor.
"Our acquisition of Baldwin will represent a new exciting chapter in two
century-old musical instrument institutions, Gibson and Baldwin," said
Gibson Chairman and CEO Henry Juszkiewicz. "Both Baldwin and
Gibson reflect a dedication to American craftsmanship and product
excellence and innovation. We expect Baldwin to achieve new levels of
growth and financial success for its employees, dealers and consumers
as we make music in the new century."
Gibson, a leader in the manufacture of fretted musical instruments since
1894, has enjoyed phenomenal growth under the current management
that purchased the company in 1986. Gibson's acquisition of Baldwin
will keep the historic American piano company under U.S. ownership
and brings two of the most respected and recognizable names in the
musical instrument industry together into the extensive family of Gibson
Musical Instruments that includes Epiphone, Kramer, Slingerland drums,
Oberheim keyboards and Maestro effects among others. The acoustic
piano market is second only to the guitar market in terms of global
musical instrument revenues.
Music teacher
and entrepreneur Dwight Hamilton Baldwin
founded Baldwin, headquartered in Cincinnati,
Ohio, in 1862. Since then Baldwin products have
been the instrument-of-choice for professional
pianists from Dave Brubeck to Bruce Hornsby as
well as internationally renowned orchestras and
concert venues throughout the world. Baldwin is
America's largest acoustic piano manufacturer and
sells more pianos in the U.S. than any other
manufacturer.
For more information, visit their web site at www.gibson.com. | 
