Pianotech

As I understand it, Steinway's president is planning to sell this venerable German-American company to a Chinese conglomerate.  Should such a sale be blocked?

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Parker Leigh
Winchester VA
(540) 722-3865
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Unless you can cite a source, it'll have to be a rumor. I searched for "Steinway&Sons company sold" and saw news articles going back to 1985, but nothing in the last 10 years.

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William Ballard RPT
WBPS
Saxtons River VT
802-869-9107

"Our lives contain a thousand springs
and dies if one be gone
Strange that a harp of a thousand strings
should keep in tune so long."
...........Dr. Watts, "The Continental Harmony,1774
+++++++++++++++++++++
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But Ed, we'd lose our advantage in Accelerated Action® technology!

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Steven Rosenthal RPT
Honolulu HI
(808) 521-7129
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Original Message:
Sent: 12-18-2022 15:32
From: Edward Foote
Subject: Sale of Steinway to Chinese

As I understand it, Steinway's president is planning to sell this venerable German-American company to a Chinese conglomerate.  Should such a sale be blocked?

No, the government has no business regulating the sale of companies that make  luxury goods.  We are a capitalistic society, and corporations have a duty to their stockholders to maximize their profit.  How would we react if another country blocked the sale of  businesses to an American corporation that wanted to buy it?   What would we do if Microsoft was blocked from buying a foreign software firm?  

    If this sale is actually going to happen, I think it will drive the value of "American" Steinways up.  This has happened to Browning shotguns, Fender guitars, and a host of other manufactured goods.  There is no national security aspect to this, so let business be business!  

Regards, 

This thread may be coming close to violating PTG's anti-trust policies, which you can view here. Everyone, please be careful what you write. Thanks!

------------------------------
Benjamin Sanchez, RPT
Piano Technician / Artisan
(256) 947-9999
www.professional-piano-services.com
------------------------------

Original Message:
Sent: 12/18/2022 8:26:00 PM
From: Benjamin Sanchez
Subject: RE: Sale of Steinway to Chinese

This thread may be coming close to violating PTG's anti-trust policies, which you can view here. Everyone, please be careful what you write. Thanks!

------------------------------
Benjamin Sanchez, RPT
Piano Technician / Artisan
(256) 947-9999
www.professional-piano-services.com
------------------------------

Wim,

This website is owned by the PTG, and PTG is legally responsible for everything posted here. The OP asked "should such a sale be blocked?" which could be construed as attempting to hamper free-market enterprise. I'm not a legal expert, and am not sure whether that question and the resulting discussion could raise legal issues, which PTG would be responsible for. I'm not saying that was the intent of the question, just to be careful moving forward.

------------------------------
Benjamin Sanchez, RPT
Piano Technician / Artisan
(256) 947-9999
www.professional-piano-services.com
------------------------------

Original Message:
Sent: 12-18-2022 20:33
From: Wim Blees
Subject: Sale of Steinway to Chinese

Ben

This has nothing to do with PTG. 

Original Message:
Sent: 12/18/2022 8:26:00 PM
From: Benjamin Sanchez
Subject: RE: Sale of Steinway to Chinese

This thread may be coming close to violating PTG's anti-trust policies, which you can view here. Everyone, please be careful what you write. Thanks!

------------------------------
Benjamin Sanchez, RPT
Piano Technician / Artisan
(256) 947-9999
www.professional-piano-services.com
------------------------------

Can Steinway be sold to a foreign "conglomerate"? Join me as we take a short exploration of who currently even owns Steinway. 

In 1972 CBS bought Steinway. CBS's plans for Steinway, (and Fender and Gibson, Etc.), failed to come to fruition so in 1985 it was sold to investors led by Robert and John P. Birmingham, who turned it into Steinway Musical Properties. In 1995 SMP was sold to Selmer Industries who renamed it Steinway Musical Instruments. In 2013 the hedge fund Paulson and Co. Inc. bought it, and still remains the ultimate parent of Steinway & Sons. Along this journey, in about 2010, Samick purchased about 18% of Steinway, becoming Steinway's single major shareholder, and Samick Chairman Jong Sup Kim joined the Steinway board of directors. Samick is located in Indonesia and their main piano factory is located in South Korea. 

Hopefully someone else here can illuminate us on how Steinway NY and Steinway Hamburg are actually currently related. I know they follow similar blueprints, (with dramatically different results), but I think that they may be, technically, separate companies bound mostly by non-compete agreements. 

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Geoff Sykes, RPT
Los Angeles CA
------------------------------

At about the same time as the "decal controversy" was gaining momentum I recall something in the "news" about a billion dollar Chinese offer to purchase SS. It was supposedly turned down by Paulson. Whether this was real or fake news I cannot say as I do not know.

Peter Grey Piano Doctor

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Peter Grey
Stratham NH
(603) 686-2395
pianodoctor57@gmail.com
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Original Message:
Sent: 12-18-2022 21:34
From: Geoff Sykes
Subject: Sale of Steinway to Chinese

Can Steinway be sold to a foreign "conglomerate"? Join me as we take a short exploration of who currently even owns Steinway.

In 1972 CBS bought Steinway. CBS's plans for Steinway, (and Fender and Gibson, Etc.), failed to come to fruition so in 1985 it was sold to investors led by Robert and John P. Birmingham, who turned it into Steinway Musical Properties. In 1995 SMP was sold to Selmer Industries who renamed it Steinway Musical Instruments. In 2013 the hedge fund Paulson and Co. Inc. bought it, and still remains the ultimate parent of Steinway & Sons. Along this journey, in about 2010, Samick purchased about 18% of Steinway, becoming Steinway's single major shareholder, and Samick Chairman Jong Sup Kim joined the Steinway board of directors. Samick is located in Indonesia and their main piano factory is located in South Korea.

Hopefully someone else here can illuminate us on how Steinway NY and Steinway Hamburg are actually currently related. I know they follow similar blueprints, (with dramatically different results), but I think that they may be, technically, separate companies bound mostly by non-compete agreements. 

------------------------------
Geoff Sykes, RPT
Los Angeles CA
------------------------------

Paulson and his hedge fund have been negotiating a sale.  Perhaps there will be opposition from some board members.  Steinway is currently a private
company, a NY corporation. The Hamburg operation is owned by that same corporation.

------------------------------
Parker Leigh
Winchester VA
(540) 722-3865
------------------------------

Original Message:
Sent: 12-18-2022 21:34
From: Geoff Sykes
Subject: Sale of Steinway to Chinese

Can Steinway be sold to a foreign "conglomerate"? Join me as we take a short exploration of who currently even owns Steinway.

In 1972 CBS bought Steinway. CBS's plans for Steinway, (and Fender and Gibson, Etc.), failed to come to fruition so in 1985 it was sold to investors led by Robert and John P. Birmingham, who turned it into Steinway Musical Properties. In 1995 SMP was sold to Selmer Industries who renamed it Steinway Musical Instruments. In 2013 the hedge fund Paulson and Co. Inc. bought it, and still remains the ultimate parent of Steinway & Sons. Along this journey, in about 2010, Samick purchased about 18% of Steinway, becoming Steinway's single major shareholder, and Samick Chairman Jong Sup Kim joined the Steinway board of directors. Samick is located in Indonesia and their main piano factory is located in South Korea.

Hopefully someone else here can illuminate us on how Steinway NY and Steinway Hamburg are actually currently related. I know they follow similar blueprints, (with dramatically different results), but I think that they may be, technically, separate companies bound mostly by non-compete agreements. 

------------------------------
Geoff Sykes, RPT
Los Angeles CA
------------------------------

"Steinway is a prestige brand and has attracted much interest over the years. In 2018 an offer of $1 billion for the company was supposedly made by Chinese government owned China Poly Group Corp. It was rejected."
https://www.worldpianonews.com/news-story/corporate/steinway-plans-to-go-public-again/

Paulson, Stwy's current owner, is simply preparing to cash out his stake. The IPO opens it up for sale on the securities markets. We'll see where this settles out. Who knows, maybe top bidder will be Crown Prince Mohammed bin Salman.

------------------------------
William Ballard RPT
WBPS
Saxtons River VT
802-869-9107

"Our lives contain a thousand springs
and dies if one be gone
Strange that a harp of a thousand strings
should keep in tune so long."
...........Dr. Watts, "The Continental Harmony,1774
+++++++++++++++++++++
------------------------------

Original Message:
Sent: 12-18-2022 21:52
From: Parker Leigh
Subject: Sale of Steinway to Chinese

Paulson and his hedge fund have been negotiating a sale.  Perhaps there will be opposition from some board members.  Steinway is currently a private
company, a NY corporation. The Hamburg operation is owned by that same corporation.

------------------------------
Parker Leigh
Winchester VA
(540) 722-3865
------------------------------


Original Message:
Sent: 12-18-2022 21:34
From: Geoff Sykes
Subject: Sale of Steinway to Chinese

Can Steinway be sold to a foreign "conglomerate"? Join me as we take a short exploration of who currently even owns Steinway.

In 1972 CBS bought Steinway. CBS's plans for Steinway, (and Fender and Gibson, Etc.), failed to come to fruition so in 1985 it was sold to investors led by Robert and John P. Birmingham, who turned it into Steinway Musical Properties. In 1995 SMP was sold to Selmer Industries who renamed it Steinway Musical Instruments. In 2013 the hedge fund Paulson and Co. Inc. bought it, and still remains the ultimate parent of Steinway & Sons. Along this journey, in about 2010, Samick purchased about 18% of Steinway, becoming Steinway's single major shareholder, and Samick Chairman Jong Sup Kim joined the Steinway board of directors. Samick is located in Indonesia and their main piano factory is located in South Korea.

Hopefully someone else here can illuminate us on how Steinway NY and Steinway Hamburg are actually currently related. I know they follow similar blueprints, (with dramatically different results), but I think that they may be, technically, separate companies bound mostly by non-compete agreements. 

------------------------------
Geoff Sykes, RPT
Los Angeles CA

"Samick is located in Indonesia and their main piano factory is located in South Korea."

Last I heard Samick was still a South Korean company with manufacturing facilities located in Indonesia. 

ddf

------------------------------
[Delwin D] Fandrich] [RPT]
[Piano Design & Manufacturing Consultant]
[Fandrich Piano Co., Inc.]
[Olympia] [WA]
[360-515-0119]
------------------------------

Original Message:
Sent: 12-18-2022 21:34
From: Geoff Sykes
Subject: Sale of Steinway to Chinese

Can Steinway be sold to a foreign "conglomerate"? Join me as we take a short exploration of who currently even owns Steinway.

In 1972 CBS bought Steinway. CBS's plans for Steinway, (and Fender and Gibson, Etc.), failed to come to fruition so in 1985 it was sold to investors led by Robert and John P. Birmingham, who turned it into Steinway Musical Properties. In 1995 SMP was sold to Selmer Industries who renamed it Steinway Musical Instruments. In 2013 the hedge fund Paulson and Co. Inc. bought it, and still remains the ultimate parent of Steinway & Sons. Along this journey, in about 2010, Samick purchased about 18% of Steinway, becoming Steinway's single major shareholder, and Samick Chairman Jong Sup Kim joined the Steinway board of directors. Samick is located in Indonesia and their main piano factory is located in South Korea.

Hopefully someone else here can illuminate us on how Steinway NY and Steinway Hamburg are actually currently related. I know they follow similar blueprints, (with dramatically different results), but I think that they may be, technically, separate companies bound mostly by non-compete agreements. 

------------------------------
Geoff Sykes, RPT
Los Angeles CA
------------------------------

In January of 2017 I visited Korea for my son's wedding ceremony. I asked if a visit to a piano factory could be arranged. I was told no pianos were currently being made there.

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David Stocker, RPT
PNWRVP
Olympia WA
------------------------------

Original Message:
Sent: 12-18-2022 22:57
From: Delwin Fandrich
Subject: Sale of Steinway to Chinese

"Samick is located in Indonesia and their main piano factory is located in South Korea."

Last I heard Samick was still a South Korean company with manufacturing facilities located in Indonesia.

ddf

------------------------------
[Delwin D] Fandrich] [RPT]
[Piano Design & Manufacturing Consultant]
[Fandrich Piano Co., Inc.]
[Olympia] [WA]
[360-515-0119]
------------------------------


Original Message:
Sent: 12-18-2022 21:34
From: Geoff Sykes
Subject: Sale of Steinway to Chinese

Can Steinway be sold to a foreign "conglomerate"? Join me as we take a short exploration of who currently even owns Steinway.

In 1972 CBS bought Steinway. CBS's plans for Steinway, (and Fender and Gibson, Etc.), failed to come to fruition so in 1985 it was sold to investors led by Robert and John P. Birmingham, who turned it into Steinway Musical Properties. In 1995 SMP was sold to Selmer Industries who renamed it Steinway Musical Instruments. In 2013 the hedge fund Paulson and Co. Inc. bought it, and still remains the ultimate parent of Steinway & Sons. Along this journey, in about 2010, Samick purchased about 18% of Steinway, becoming Steinway's single major shareholder, and Samick Chairman Jong Sup Kim joined the Steinway board of directors. Samick is located in Indonesia and their main piano factory is located in South Korea.

Hopefully someone else here can illuminate us on how Steinway NY and Steinway Hamburg are actually currently related. I know they follow similar blueprints, (with dramatically different results), but I think that they may be, technically, separate companies bound mostly by non-compete agreements. 

------------------------------
Geoff Sykes, RPT
Los Angeles CA

Parker,

When posting something like this, you become the instigator of a rumor.  Please, be conscientious and post a source for your information, and be careful how you write things.

If you only heard it from someone, then you are spreading a rumor.  State it as such.

Currently I have heard no news of any new potential buyers making offers. or any active discussions on the sale of Steinway.

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Don Mannino RPT
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