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Article: STEINWAY TO PAY $85M FOR UNITED MUSICAL INSTRUMENTS.
- Article from:
- Music Trades
- Article date:
- September 1, 2000
CopyrightCOPYRIGHT 2000 Music Trades Corp. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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No Immediate Plans To Merge Selmer & UMI Divisions
STEINWAY MUSICAL INSTRUMENTS, Inc., parent company of Steinway & Sons and the Selmer Company, announced on July 19th that it had signed an agreement to acquire United Musical Instruments from Bernhard Muskantor. The purchase price, including the assumption of debt, will be approximately $85 million. The transaction, which is subject to regulatory approval, is expected to close sometime during the third quarter.
Steinway earned $17.3 million on sales of $304.6 million in 1999. About $174 million of its sales came from pianos, and $131 million from the band instruments. Shipments of band and orchestral ...
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