Fender Musical Instruments Corp., the world's leading guitar manufacturer, said Monday that it would pay about $117 million to acquire Kaman Music Corp., maker of Ovation guitars and other instruments.
Fender, founded in Fullerton in 1946 and now based in Scottsdale, Ariz., makes stringed instruments such as electric and acoustic guitars and basses, amplifiers and music-related accessories. The company's manufacturing headquarters is in Corona.
"We are delighted to welcome the Kaman Music Corp. into the Fender Family," said Bill Mendello, Fender's chairman and chief executive. "KMC is one of the most respected companies in the musical instrument industry. We have very similar cultures that have been developed over many years."
Bloomfield, Conn.-based Kaman, an independent distributor of musical instruments and accessories, offers more than 20,000 products for amateurs and professionals.
The company is a subsidiary of Kaman Corp., which is selling the music division to focus on aerospace and industrial markets.