Steinway and Sons
‘Steinway and Sons was founded by a German immigrant named Heinrich Engelhard Steinweg in 1853. Heinrich began building pianos in 1835, and by 1839 his reputation as a piano builder grew throughout the Braunschweig area. In 1850 Heinrich immigrated to the United States with his family, taking jobs with several different piano manufacturers. In 1853 Heinrich and his sons founded the Steinway and Sons piano company. The Steinway family was known for their engineering and scientific innovations, which are shown through their many patented ideas.’ (Fine, Pg. 143-144)
‘By the late 1800’s Steinway gradually moved their manufacturing facilities from Manhattan to Queens, New York. In 1880 Steinway opened their premier factory in Hamburg, Germany strictly for the European market. Steinway and Sons survived throughout the drastic changes in American culture that moved throughout the Great Depression and World Wars eras. In 1972 the Steinways left the piano industry and sold their company to the Columbia Broadcasting System (better known as CBS).’ (Fine, Pg. 144-143)
‘Eventually in 1985 (overwhelmed with the intricacies of piano manufacturing) CBS sold the company to an investment group, made up of men with backgrounds in law, finance, and marketing. In 1991 Steinway and Sons commissioned the Kawai Piano Company to build their Boston pianos for them. In 1995 the investment group sold the company to Selmer Industries, Inc. Selmer mostly dealt with the manufacturing of brass and wood-wind instruments before buying the Steinway name.’ (Fine, Pg. 143-144) The company is now called Conn-Selmer, Inc. ‘As of August 2012, the Waltham based Steinway Musical Instruments, Inc. is being studied by the Korean based piano company, Samick, which currently owns 30% of Steinway according to Bloomberg reports from the Boston Globe.’ (Mass. Movers, Boston Globe). As of Oct. 8th, 2014 Steinway and Sons is now owned by entrepreneur John Paulson after Kohlberg and Company allegedly offered to by Steinway and Sons for $438,000,000. (“Steinway Agrees to Be Bought by Paulson for $512 Million.”)
Dates in History:
Fine, Larry. The Piano Book. 4th. Boston: Brookside Press, 2001. 143-144. Print.
Bloomberg Reports from Boston Globe:
Mass. Movers, . “Steinway Agrees to Be Bought by Paulson for $512 Million.” 8 22 2012, Main. Web. 17 Apr. 2013. <http://www.bostonglobe.com/business/2012/08/21/samick-may-bid-for-steinway-musical-shares-gain/trML1Z8ihMixrxUZInUN0M/story.html>.
Murphy, Lauren S. “Bid for Steinway may be coming.” [Boston] 8 14 2013, Main. Web. 13 Jan. 2014. <http://www.bloomberg.com/news/2013-08-14/paulson-co-to-buy-piano-maker-steinway-for-512- million.htmll>.