NINGBO, China — Soundking Group Co. Ltd. announced that it had acquired the assets, trademark and intellectual property of Cadac Electronics plc, effective immediately. Bob Thomas has been appointed as general manager of the new operating company, Cadac Holdings Ltd. Soundking said all 25 current Cadac employees were being retained, with R&D and production continuing in the U.K. “I am personally delighted that I have been able to bring the world-famous Cadac brand and its outstanding products into the Soundking Group,” said Xianggui Wang, president and founder of Soundking.
“I am also extremely happy that we have been able to retain all Cadac employees and to protect their jobs in this time of economic uncertainty. The Cadac R&D team will form the European core of Soundking Group’s global R&D effort, enabling us to draw on Cadac's high level of expertise in analogue and digital audio and translate this into new products across the Group.”
Speaking of the change, Thomas noted that “the last few months have been a difficult time for all of us — for our employees, our customers and our suppliers. Now that we have got through this period, the future looks extremely bright, and we will be working quickly to re-establish Cadac in its core markets.
“Soundking Group is investing $6 million in Cadac and in new product development, highlighting its commitment and belief in the market opportunity presented by our top quality global brand,” Thomas added.
“For Cadac, the great news is that now we have the Soundking Group's financial backing, we will be able to accelerate that program and in particular, put the S-Digital console back on schedule. Our digital R&D team is 100 percent focused on starting production in the summer of 2009 – it's a great start to the year!
“On a personal note,” Thomas continued, “I am delighted that we have been able to retain all our staff and that manufacturing of Cadac consoles will remain in the U.K. — an appropriate factor in this, Cadac's 40th year. With the Soundking Group’s financial strength, new access to the fast-growing pro-audio market in China and the support of our existing customers and distributors, we are looking forward to a period of major sales growth.”
Cadac expected to sell more of its analog desks for use in Russia, Germany, Korea and China, and the company said it is also focusing on exhibiting at this year's Prolight + Sound show in Frankfurt in early April.
The Soundking Group Company Ltd., based near Shanghai, has been operating for more than 20 years, and was a major supplier for the Beijing Olympic Games in 2008.
For more information, please visit www.soundking.com.
