Gibson Guitar Corp., maker of a prominent guitar brand, said it signed a letter of intent to buy the assets of the top keyboard manufacturer Baldwin Piano & Organ Co. Terms weren't disclosed.
Gibson will purchase the company from General Electric Co.'s GE Capital, which had obtained the right to sell the company under a bankruptcy agreement reached last month.
"Our acquisition of Baldwin will represent a new exciting chapter in two century-old musical instrument institutions," said Henry Juszkiewicz, chairman and chief executive of Gibson.
Baldwin, based in Mason, Ohio, has been in business since 1862. The company owed Stamford, Conn.-based GE Capital nearly $31 million before filing for Chapter 11 bankruptcy protection in May.