Denon and Marantz To Merge
Mar 7, 2002 - Amsterdam and Tokyo - Marantz Japan Inc., its largest shareholder (49%), Royal Philips Electronics, and Denon Ltd, its largest shareholder (98%), Ripplewood Holdings L.L.C. have established D&M Holdings Inc., a joint holding company to merge the operations of Marantz and Denon. The transaction is expected to
close by May 2002 and will create a single entity in the home theatre and audio-video market, while maintaining the established Marantz and Denon brands. D&M Holdings will employ approximately 1,650 people around the world and will succeed Marantz as a publicly traded concern on the Second Section of the Tokyo Stock Exchange (TSE II: 6799).
The basic terms for the establishment of D&M Holdings are:
Following establishment of D&M Holdings, the research and development, production and purchasing, and financial control activities of the two companies will be combined as soon as possible, to reinforce their competitive edge and deliver the identified synergies. The Denon and Marantz brand names will be maintained, as well as their sales and marketing and brand specific product and unique distribution channel.
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