Gibson to acquire China’s Dongbei Piano

Gibson Guitar Corp. will acquire China’s state-owned Dongbei Piano Co. in a move aimed at boosting its brand and sales in the world’s fourth-largest economy, industry sources said.

Nashville-based Gibson, famous for its branded guitars, which have been popular for decades among global artists such as the Beatles’ John Lennon and Irish band U2, will acquire all of state-owned Dongbei Piano in northern China, sources involved in the deal said.

Gibson will pay several hundred million yuan for the purchase and an official announcement will be made today, they said.