Fender Musical Instruments Corporation (FMIC) and Fred
Gretsch Enterprises, Ltd. (Gretsch) proudly announce that the two
companies have entered into an agreement wherein FMIC has been granted the
exclusive rights to develop, produce, market and distribute Gretsch guitars
As part of the deal, which is effective as of January 1, 2003, FMIC will be responsible for all aspects of the Gretsch stringed instrument product lines and brand names, including Gretsch guitars and basses, Synchromatic guitars, Electromatic guitars and Gretschıs line of parts and accessories. Development of future new products, including Gretsch branded amplifiers, is also a part of the deal.
Citing FMICıs success in worldwide sales, marketing and distribution as the reason for which it was considered a viable company to approach, Gretsch looks to expand its brand name awareness and market share with the help of FMICıs established assets.
FMIC Chairman and CEO Bill Schultz, and Gretsch President Fred Gretsch, have also had a long term mutual respect for one and other, and the decision to work together in expanding the reach of Gretsch products to a global level is a perfect fit for these two iconic manufacturers.
Explains Fred Gretsch, "Our goal as a family business has always been to enjoy a steady growth as a company without sacrificing our ideals. Todayıs Fender shares that same belief, and the Gretsch name deserves the benefit of working with a company that will help achieve our goals while maintaining our long time standards of quality and integrity. Thatıs Fender."
Beginning January 1, 2003, FMIC will take over existing Gretsch inventory and they will begin to market and distribute the product to FMICıs worldwide network of retailers and distributors.
Fred Gretsch has entered into a consulting agreement in which he will work with FMIC throughout the changeover, helping to create a smooth business transition and to ensure the integrity of The Gretsch Guitar Companyıs 120-year heritage. He will also consult on product development and quality control, and he will continue to be an active part of Gretschıs artist relations.
"These are very thrilling times for both Fender and Gretsch," says Bill Schultz. "We are very much looking forward to working on expanding Gretschıs reach around the world, and we are all excited that this will lead the way to the possibility of more American-made products in the future."