Gibson Brands has been making very deliberate strides towards the goal of creating an empire over the past few years. The path of growth has brought such companies as Onkyo and TEAC into the fold. But the most recent deal is probably the biggest and most important step towards the path of worldwide leadership in music and sound.
This agreement, signed with Royal Philips, puts WOOX Innovations into the hands of Gibson. WOOX is the audio, video, multimedia, and accessories side of Philips. Once the deal closes in the second half of 2014, then the joining of market strengths will be complete as global domination commences! Not global domination? Oh. Just exceptional consumer experiences for audio products worldwide? Ok, that works too.
The Gibson brand has a strong market presence in the U.S. and Japan, while WOOX’s Philips-branded products own in Europe, China, Latin America, and more. Together, both Gibson and Philips benefit from growth and transformation in the home entertainment and music industries.
As for the video portion of the Philips business, that is expected to transfer to Gibson sometime in 2017. Until then, WOOX Innovations will be spearheading the sales and marketing of Philips video products.