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Gibson secures Tascam parent company deal

The company has purchased TEAC in an agreement worth £34.5 million.
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Gibson has announced a huge deal which is aimed improving its profile in Japan.

The manufacturer has purchased TEAC, parent company of Tascam, in an agreement worth £34.5 million and further reinforces its commitment to invest in the Asian market. It is purchasing 157,447,000 shares of common stock for 31 yen per share.

Henry Juszkiewicz, chairman and chief executive of Gibson, said: “Gibson is a strong believer in 'Cool Japan' and together with TEAC, we look forward to not only contributing to the global understanding of the 'Cool' products emanating from Japan in the music area, but also promoting the excellence of Japanese innovation in the industry."

The move will give Gibson further access to Asian markets and also allow the company to use TEAC's research and development department to create new lines for the region.

Gibson will also look to consolidate logistics for the distribution of products through its warehouses in Japan.

Posted by AW.ADNFCR-2133-ID-801565710-ADNFCR Posted on 3 Apr 2013 11:31 to category : Music News

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