Excerpted from www.Kaman.com:
BLOOMFIELD, Conn., Oct. 29 - Kaman Corporation announced today that it has entered into a definitive agreement to sell its wholly owned subsidiary, Kaman Music Corporation (KMC), to Fender Musical Instruments Corporation (FMIC) of Scottsdale, Arizona for approximately $117 million in cash…
KMC, which comprises the company's entire Music segment, owns Ovation Guitars, LP and Toca hand percussion products, Gibraltar Hardware, Genz Benz Amplification, Hamer Guitars, and is the exclusive U.S. sales representative for Sabian Cymbals, and exclusive worldwide distributor of Takamine Guitars and Gretsch Drums. Privately held FMIC is the world's leading electric guitar manufacturer. In addition to owning the world-renowned Fender brand name, FMIC also owns Guild guitars, Charvel Guitars, Jackson Guitars, SWR Bass Amplification, Tacoma Guitars, EVH products, and is the exclusive worldwide distributor of Gretsch Guitars…
"We are delighted to welcome the Kaman Music Corporation into the Fender Family," said Bill Mendello, Chairman and Chief Executive Officer of Fender Musical Instruments Corp. "KMC is one of the most respected companies in the musical instrument industry. We have very similar cultures that have been developed over many years. The distribution expertise that Kaman Music brings to the music marketplace will complement and strengthen FMIC's growing operational excellence and ultimately offer dealers and consumers a better way to access a wider variety of high-quality music products and accessories."
Edward Miller, President of Kaman Music Corporation added, "There is great synergy between Kaman Music and Fender, both of which are deeply rooted in the long history and colorful culture of popular music. The acquisition of Kaman Music by Fender forms the most dynamic partnership of manufacturing and distribution expertise in the music industry."
[TJH]
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