It's a licensed copy of a Gibson made overseas
It means that it is a cheap plywood copy of a real gibson les paul BUT made also by gibson for those who can't spend their life savings on a guitar.
Epiphone is a budget conscious gibson. And probably not made in the USA.
1957 - Gibson's parent company, CMI, buys
Epiphone
for $20,000, originally intending to harness its upright bass
operation,
but ultimately reviving the Epiphone name on guitars. A full line of
newly
designed acoustics and electrics is unveiled in 1958, and two years
later
Epiphone production moves into Gibson's factory in Kalamazoo, Michigan.
1970 - In the face of foreign competition,
Epiphone
production is moved to Japan. Through the 1970s and early '80s, the
Epiphone
line has little continuity, although it maintains respect as a quality
import
brand.
1983 - Epiphone production is moved to Korea.
1986 - Henry Juszkiewicz, David Berryman and
Gary
Zebrowski acquire Epiphone and Gibson. The Epi line is soon expanded to
include
traditional models like the Sheraton, Emperor and Howard Roberts, along
with
Epi versions of Gibson classics like the Les Paul, Flying V and
Explorer.
http://www.epiphone.com/history.asp
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