Steinway Piano No Longer Selling

steinway-pianoSteinway has been manufacturing pianos since forming as a company in 1853 in downtown Manhattan.  The first was made by German immigrant Heinrich Engelhard Steinweg, later known as Henry E. Steinway.  It has won a vast array of awards and even patented numerous innovations on pianos today.  The company was handed down to younger generations of Steinways for years to follow.  Their early success has dwindled to smaller sales in the recent years due to various economic conditions and increased manufacturing costs.

Since July 2011, the company has been listening to propositions to purchase the fledgling company.  They had more recently reached a tentative deal to sell  their band instrument division to a group of investors which included two current board members.  Yet, this proposal was not accepted by a third party group hired to evaluate such proposals without prejudice.

This special committee came to a decision to stop any outright sale or other such moves due to the best interest of shareholders, favoring a more strategic plan to cut costs and .  “None of the alternatives presented generated shareholder value superior to the value inherent in the company’s strategic plan,” said Steinway CEO Michael Sweeney in a statement. “We will continue to focus management’s efforts on execution of that plan and we look forward to a prosperous 2013.”  This may be the best plan because shareholder’s disputes can be crippling to a business that is already struggling to regain its foothold on an industry.

This is when the general counsel services of a law firm can be ideal.  Having the same law firm represent your business can lead to advanced understanding of the various legal and tax implications of your actions.  Contact an experienced business law attorney in Naperville who can assist in making the biggest decisions in the best interest of your company.