On December 22, 1969, the Gibson parent company Chicago Musical Instruments was taken over by the South American brewing conglomerate ECL.
Gibson remained under the control of CMI until 1974 when it became a subsidiary of Norlin Musical Instruments.
The company (Gibson) was within three months of going out of business before it was bought by Henry E. In 2011, Gibson acquired the Stanton Group, including Cerwin Vega, KRK Systems and Stanton DJ.
Gibson then formed a new division, Gibson Pro Audio, which will deliver professional grade audio items, including headphones, loudspeakers and DJ equipment.
The new body design then became known as the SG (for "solid guitar"), due to disapproval from Les Paul himself.
The Les Paul returned to the Gibson catalog in 1968.
Gibson folklore has also claimed its guitars were made by "seasoned craftsmen" who were "too old for war." In 1944 Gibson was purchased by Chicago Musical Instruments. Gibson hired Ted Mc Carty in 1948, who became President in 1950.