The corporate owner of the piano maker Steinway & Sons says the company is no longer is up for sale. In a news release issued Wednesday, the company â€" Steinway Musical Instruments Inc. â€" said that in July 2011 it began studying the possible sale of itself or its band instrument division. Several expressions of interest came in but the company decided against them. It also said it was shutting down a possible deal to sell the band unit to an investor group led by two board members.
Michael Sweeney, the company's chairman and chief executive, said none of the “strategic alternatives†being considered would increase shareholder value more than what the company was already doing. Recent good financial news may have something to do with the decision . While Steinway Musical Instruments reported flat sales ($89 million) for the third quarter ending Sept. 30 over the same period last year, it also reported an increase in gross profits of 13.1 percent, to $29 million and a jump in per-share earnings.
The company, based in Waltham, Mass., is a conglomeration of well-known instrument-making names along with Steinway, including Selmer, Conn and Leblanc. It also owns Steinway piano showrooms and ArkivMusic.com, which sells recordings. Shares are traded on the New York Stock Exchange under the symbol LVB â€" for Ludwig van Beethoven.
