Here’s an interesting development. Fender subsidiary KMC Music has sold the Ovation guitar brand as well as its owned and licensed percussion brands to Drum Workshop. Fender sold Guild a little while ago, and in 2014 they ceased U.S. production of Ovation’s New Hartford plant, shifting Ovation production to China, South Korea and Indonesia. No word yet on whether DW will re-open U.S. production of Ovations.
So hey FMIC, while you’re in a divesting mood, howzabout selling Hamer so somebody can bring it back to life?
Here’s the press release.
FENDER MUSICAL INSTRUMENTS CORPORATION ANNOUNCES SALE OF KMC MUSICS PERCUSSION BRANDS AND OVATION® GUITARS TO DRUM WORKSHOP, INC.
SCOTTSDALE, Ariz. (January 6, 2015) Fender Musical Instruments Corporation (FMIC) announced today that its subsidiary KMC Music, Inc. has sold its owned and licensed percussion brands, including Gretsch® Drums, Latin Percussion®, Toca® Percussion, KAT® Percussion and Gibraltar® Hardwareas well as the Ovation® guitar brand and the exclusive U.S. distribution rights for Sabian® Cymbals to Drum Workshop, Inc., the manufacturer of DW drums, hardware and accessories.
“We are extremely proud of our team’s effort to nurture and grow each of the individual brands and are enthusiastic for their future,” said FMICs interim CEO and board member Scott Gilbertson. ”We recognize the strategic opportunity for DW and are confident that they will be champions of the brands moving forward.”
This is an amazing opportunity to extend our passion and commitment for the art of drumming, said Chris Lombardi, CEO of Drum Workshop, Inc. Were excited to welcome these legendary American brands to the DW family.
Financial and other terms of the deal are not disclosed.
# # #
About Fender Musical Instruments Corporation: Fender Musical Instruments Corporation (FMIC) is one of the worlds leading musical instrument manufacturers, marketers and distributors, whose portfolio of brands includes Fender®, Squier®, Gretsch® fretted instruments, Jackson®, EVH® and Charvel® among others. For more information, visit www.fender.com.
About KMC Music, Inc.: KMC Music is a subsidiary of FMIC and one of the largest independent U.S. distributors of musical instruments and accessories, and is a leading wholesaler of musical instruments, accessories and lighting equipment. For more information, visit www.kmcmusicorp.com.
About Drum Workshop, Inc.: Drum Workshop, Inc. is a family owned American manufacturer of professional drums, pedals and hardware. Many of the world’s top professionals, such as Sheila E., Mick Fleetwood, Neil Peart, Max Weinberg and Dave Grohl have made the DW brand “The Drummer’s Choice.” Drum Workshop is also home to Pacific Drums and Percussion, a full line of production drum and hardware products. For more information, visit www.dwdrums.com.