Rane has been sold to inMusic, the parent company of Numark, Denon, Akai, and M-Audio.

According to a press release posted by DJWORX, the deal will be completed this summer. Rane co-founders Linda Arink and Dennis Bohn also plan on stepping down and retiring.

“Rane will continue some operations out of the Mukilteo, Washington headquarters,” Arink said in the press release.

However, sources that spoke to DJWORX said the majority of the company’s 60-plus workforce will be “permanently displaced” at the end of July, and only some of the engineers will remain in Washington. The sources said Rane’s manufacturing will be moved to East Asia, and its DJ division will be absorbed into the Numark and Denon DJ team at inMusic.

Rane has been a leading manufacturer of DJ mixers since its founding in 1981.

In 2004, it partnered with Serato to produce Scratch Live, one of the first systems to enable DJs to mix digital music files with vinyl. Two years later, the company introduced the TTM57SL, the first mixer to incorporate built-in functions for Scratch Live.

Rane has since produced mixers such as the Sixty-Two and Sixty-Four, both of which are favorites among open-format DJs and turntablists.

Related: Rane Adds Beta Support for OS X El Capitan and Higher to the SL2 and SL4