JUNE 17 I EASTMAN I ACQUISITION
Eastman Acquires S.E. Shires
Eastman Music Co. recently acquired trombone and trumpet company S.E. Shires, based in Hopedale, Massachusetts. The Wall Street Journal reported the company was purchased out of bankruptcy in a deal valued at about $1.8 million.
Founder of S.E. Shires Stephen Shires told The Wall Street Journal that sales were growing but labor and material costs made profiting difficult. It filed for bankruptcy in mid-April.
“Our company is committed to building the best sounding instruments in the world, and we believe that S.E. Shires represents this in the products that they produce and the team that they have assembled under Steve’s leadership," said Eastman's owner Qian Ni in a release.
In 2004, Eastman purchased the 126-year-old custom flute company William S. Haynes Company, which currently employees 20 flute makers in its nearby Acton, Massachusetts workshop.