News Column

United States : GIBSON BRANDS eyes PHILIPS' audio and home entertainment business

May 6, 2014



Gibson Brands, Inc. has struck a deal with Royal Philips to take over WOOX Innovations, the audio, video, multimedia and accessories business of Philips.

The company has inked the deal as part of its ongoing growth and diversification in the music and audio lifestyle field.

The deal will see Gibson Brands paying $135 million and a brand license fee, associated with a license deal for an original period of 7 years.

Subject to customary terms, including regulatory filings and works council procedures, the deal would be completed in the latter half of this year.

"Philips and Gibson Brands have played significant roles in shaping the home entertainment and music industries and with this agreement the Philips brand will continue to be an innovation leader in this space."

Chairman and CEO of Gibson Brands, Henry Juszkiewicz, said : "This agreement is the most significant step yet in Gibson Brands' journey to become the largest music and sound technology company in the world. By acquiring Philips' audio and home entertainment business, our goal is to continue to provide the most exceptional consumer audio products and experiences in the world. I am thrilled to extend the reach of Gibson Brands around the world and to welcome this great team to the Gibson family."

Philips' CEO Frans van Houten, added : "With this transaction, we are taking another important step in Philips' transformation to become a leading technology company in health and well-being. Philips and Gibson Brands have played significant roles in shaping the home entertainment and music industries and with this agreement the Philips brand will continue to be an innovation leader in this space."


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Source: TendersInfo (India)


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