BIZCHINA / Overseas Investment |
Gibson Guitar buys into Chinese piano company(chinaview.cn)Updated: 2006-12-18 14:24 Gibson Guitar Corp of the United States has announced that it has acquired 100 percent ownership of Dongbei Piano Co Ltd, one of the largest piano producers in China. The terms of the sale were not disclosed. Dongbei Piano Co is based in Yingkou, a city in Northeast China's Liaoning Province. Dave Berryman, President of Gibson Guitar Corp., says "As a major producer in Chinese mainland, Dongbei Piano boasts a great reputation the world over. Gibson will fully bolster Dongbei Piano's development by introducing advanced manufacturing and marketing concepts to upgrade its competitiveness in global markets." The acquisition of Dongbei Piano is another important move after acquiring the US piano maker Baldwin, Henry Juszkiewicz, Chairman and CEO of Gibson Guitar Corp Dongbei Piano will soon become the second-largest piano manufacturing facility in China and a major manufacturing base for Gibson, according to Juszkiewicz. The new company will be named Baldwin Dongbei Piano Instrument Co Ltd. Dongbei Piano was founded in 1952. It currently employs more than 2,000 workers and produces 30,000 upright pianos and 10,000 grand pianos, a year, making it the third-largest piano producer in China. Dongbei Piano sells its products to more than 20 countries. "There is no doubt that joining Gibson is the right choice for Dongbei Piano," said Zhang Daming, the General Manager of Dongbei Piano, "Cooperation with an industry leader like Gibson greatly enhances our strengths, and we are expecting Dongbei Piano's continued and further success in both the domestic and overseas markets," said Zhang. (For more biz stories, please visit Industry Updates)
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