Shows & Panels
Shows & Panels
- The 2014 Big Picture on Cyber Security
- AFCEA Answers
- American Readiness: Renewable Power and Efficiency Technologies
- Ask the CIO
- Building the Hybrid Cloud
- Connected Government: How to Build and Procure Network Services for the Future
- Continuing Diagnostics and Mitigation: Discussion of Progress and Next Steps
- Federal Executive Forum
- Federal News Radio's National Cyber Security Awareness Month Special Panel Discussion
- Federal Tech Talk
- The Future of Government Data Centers
- The Future of IT: How CIOs Can Enable the Service-Oriented Enterprise
- Government Perspectives on Mobility and the Cloud
- The Intersection: Where Technology Meets Transformation
- Maximizing ROI Through Data Center Consolidation
- Mitigating Insider Threats in Virtual & Cloud Environments
- Modern Mission Critical Series
- The New Generation of Database
- Reimagining the Next Generation of Government
- Targeting Advanced Threats: Proven Methods from Detection through Remediation
- Transformative Technology: Desktop Virtualization in Government
- The Truth About IT Opex and Software Defined Networking
- Air Traffic Management Transformation Report
- Cloud First Report
- General Dynamics IT Enterprise Center
- Gov Cloud Minute
- Government in Technology Series
- Homeland Security Cybersecurity Market Report
- National Cybersecurity Awareness Month
- Technology Insights
- The Cyber Security Report
- The Next Generation Cyber Security Experts
Shows & Panels
Steinway says it won't sell band instrument unit
Thursday - 12/27/2012, 1:56pm EST
WALTHAM, Mass. (AP) - Shares of Steinway Musical Instruments Inc. fell to an annual low Thursday after the company said it has decided not to sell its band instrument business.
THE SPARK: The instrument maker said late Wednesday it has completed evaluation of strategic alternatives and has concluded that selling the band instrument division was not in the best interest of its shareholders. It is still negotiating the potential sale of its interest in Steinway Hall building in New York City.
THE BIG PICTURE: Steinway announced in July 2011 that it had received an unsolicited offer for the band instrument unit. In January Steinway said it reached a deal in principle to sell the business to a group of investors including former CEO Dana Messina and Conn-Selmer President John Stoner for undisclosed terms.
The company, based in Waltham, Mass., said it considered options including a sale of the band instrument unit and a sale of the entire company as part of its strategic review.
Over the first three quarters of 2012, revenue from Steinway's piano business fell 2 percent to $145.5 million while revenue from the band division grew 5 percent to $107.5 million. The piano business is more profitable.
SHARE ACTION: Steinway Musical Instruments stock lost $1.30, or 5.8 percent, to $21.22 in midday trading. The shares are down 13.3 percent since Sept. 7, and earlier Thursday they reached a 52-week low of $20.61.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)