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2014-04-28 - GIBSON BRANDS ANNOUNCES AGREEMENT TO ACQUIRE PHILIPS’ AUDIO AND HOME ENTERAINMENT BUSINESS

GIBSON BRANDS ANNOUNCES AGREEMENT TO ACQUIRE PHILIPS’ AUDIO AND HOME ENTERAINMENT BUSINESS

Gibson Brands, Inc. (“GIBSON”), headquartered in Nashville, TN, USA, the parent company of TEAC Corporation (“TEAC”)  and investor in Onkyo Corporation (“ONKYO”), announced that it signed an agreement with Royal Philips (“PHILIPS”: NYSE: PHG, AEX: PHIA,) to acquire WOOX Innovations, the audio, video, multimedia and accessories business of PHILIPS, as part of its strategy for continued growth and diversification in the music and audio lifestyle market.

WOOX Innovations, headquartered in Hong Kong with approximately 1,900 employees worldwide, is the audio, video, multimedia and accessories business of Philips with market strength in Europe, China, Latin America and other growth geographies.

TEAC and ONKYO support GIBSON’s strategy and seek further opportunities for business expansion and increased sales with WOOX Innovation, towards GIBSON’s goal to become the largest music and sound technology company in the world.

 

Reference information Announcement by GIBSON

http://www.gibson.com/press/

For further information, please contact:

Yoshihide Nomura,  +81-42-356-9178

 TEAC Corporation