Stop the sale of Steinway to leveraged buyout firm Kohlberg & Co.
An LBO firm wants high returns fast. The only way that Kohlberg & Co. will get that from acquiring iconic American piano maker Steinway and its Selmer and Conn brands of musical instruments is by selling them off in whole or in parts to the musical instrument brand-hungry Chinese. For 160 years Steiway, built by hand in Waltham, Massachusetts, has remained one of the defining institutions of American musical craftsmanship and the pinnacle of piano perfection. It is the musical equivalent of having General Motors sold away. Tell the Steinway board to find an American buyer in their 45 day "Shop" period, dump the Kohlberg deal, keep American craftsmen working and Steinway pianos Made in the USA!
- Boston Regional Director, Securities & Exchange Commission
The sale of the 160 year-old American piano maker, the publicly traded Steinway Musical Instruments, Inc., to Kohlberg & Co., will result in its sale to foreign buyers. We the undersigned urge Steinway to use its 45 day "shop" period to find a buyer for the company who will keep it in America making pianos for another 160 years, and kill the deal with Kohlberg. We further enjoin the Securities & Exchange Commission and Senator Warren to weigh in on the Kohlberg acquisition of Steinway to keep an iconic part of American musical craftsmanship "made in America" and protect the Massachusetts jobs it creates from being shipped abroad by a corporate raider.
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