Bose Corp. to remain privately held: Company
Bose Corporation, the audio technology major founded by late Indian-American acoustics pioneer Amar Gopal Bose, will remain privately held, the company has announced.
Boston: Bose Corporation, the audio technology major founded by late Indian-American acoustics pioneer Amar Gopal Bose, will remain privately held, the company has announced.
Bose, who became famous for making high-fidelity Bose audio systems and speakers known all over the world for its legendary acoustics technology, died on Friday at his home in Wayland, Massachusetts.
"Dr Bose founded Bose Corporation almost 50 years ago with a set of guiding principles that never changed and never will," Bose Corp's president, Bob Maresca said in a press statement.
"Bose Corporation will remain privately held, and stay true to his ideals," Maresca said soon after the death of the 83-year-old Bose.
Bose was the chairman of the privately held company based in Framingham, Massachusetts, established in 1964.
".. By refusing to offer stock to the public, Dr. Bose was able to pursue risky long-term research, such as noise- cancelling headphones and an innovative suspension system for cars, without the pressures of quarterly earnings announcements," The New York Times reported.
In a 2004 interview in Popular Science magazine, Bose had said: "I would have been fired a hundred times at a company run by M.B.A.'s. But I never went into business to make money. I went into business so that I could do interesting things that hadn't been done before."
Bose had focused relentlessly on acoustic engineering innovation. His speakers, though expensive, earned a reputation for bringing concert-hall-quality audio into the home.
In 1968, he introduced the Bose 901 Direct/Reflecting speaker system, which became a best seller for more than 25 years and firmly entrenched Bose as a leader in a highly competitive audio components marketplace.
Unlike conventional loudspeakers, which radiated sound only forward, the 901s used a blend of direct and reflected sound.
Later inventions included the popular Bose Wave radio and the Bose noise-cancelling headphones, which were so effective they were adopted by the military and commercial pilots.
In 2010, Bose Corp. Reported revenue of more than USD two billion. Two years ago, Bose had donated most of the stock in his company to the Massachusetts Institute of Technology (MIT) where he was on the faculty for over 40 years, media reports said.
In 1993, Bose opened its first store in Kittery, Maine. Since then Bose has opened 160 stores in the US and numerous locations worldwide. In India, it has over 50 stores.
India had allowed Bose Corporation's proposal to set up a subsidiary in the country in 1995.