Gibson acquires Baldwin. (Items of Interest).In November, Gibson Guitar Corporation The Gibson Guitar Corporation, of Nashville, Tennessee, USA, is one of the world's best-known manufacturers of acoustic and electric guitars. The company's most popular guitar, the Les Paul Standard, a solid-body electric, sells for about $US 2,300. purchased Baldwin Piano & Organ Company from GE Capital, Baldwin's secured lender. GE Capital, Baldwin's largest secured creditor One who holds some special monetary assurance of payment of a debt owed to him or her, such as a mortgage, collateral, or lien. , signed a contract to acquire the Baldwin assets in a credit auction on October 15, 2001, after the piano maker Noun 1. piano maker - a person who makes pianos maker, shaper - a person who makes things filed Chapter 11 bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most in May 2001. "Our acquisition of Baldwin represents a new and exciting chapter in two century old musical instrument institutions, Gibson and Baldwin," said Henry Juszkiewicz, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Nashville-based Gibson. "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." The 140-year-old Ohio-based company has two production facilities in Arkansas and markets pianos under the Baldwin, Chickering and Wurlitzer brands. The acquisition will keep the historic American piano company, the nation's largest acoustic piano manufacturer and retailer, under U.S. ownership while bringing together two of the most respected and recognizable names in the musical instrument industry. |
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