Steinway Musical Instruments Inc., the legendary piano maker controlled by U.S. hedge fund billionaire John Paulson, has attracted takeover interest from China Poly Group Corp., people familiar with the matter said.
The state-owned conglomerate is holding preliminary talks about a purchase of Steinway, according to one of the people, who asked not to be identified because the deliberations are private. The company, whose iconic pianos have been used by virtuosos such as Lang Lang, could fetch about $1 billion in a sale, the people said.
Poly Group is doing due diligence work on Steinway as well as seeking financing and government approvals for an offer, the people said. The piano maker has also attracted other potential buyers such as private-equity firms and companies, the people said.
Steinway should be able to fetch a high valuation given that the company may reach 30 percent to 40 percent annual sales growth in China, according to Shaun Rein, founder and managing director of the China Market Research Group. A Chinese company like Poly Group could help improve Steinway’s distribution network in the country, which has been weak so far, he said.
21 comments:
Perhaps its the only way to save Steinway. American kids are not interested in pianos. Craigslist has mint condition baby grands all over the North Shore for $200, even free ones. Not Steinways but nice pianos. Nobody wants them
Don't believe any if this folks. This "Chinese Company" is also known to buy properties all around the world ....and then turn them into hotels...and eventually brothels. You know the script.
I don't know about you folks but I'm enrolling in a course for basic Mandarin!
> This "Chinese Company" is also known to buy properties all around the world ....and then turn them into hotels...and eventually brothels.
Source, please.
Another step in China's PURCHASE of the U.S. They are wasting tons of money enlarging their army and doing drills around the South China Sea, when all it takes is for them to BUY the U.S., one piece at a time, and then proceed to trash it with brothels, drug houses, animal torture, etc.
Everyone expected this when they did not buy the Steinway Mansion. Big mistake as people from around the world followed that debacle.
It sent a message they did not need - and with the unfolding events people begin to wonder just how much they believed in their own ballyhoo by not lifting a finger to stop the locals from abusing all those things they claimed to believe in - their legacy and heritage - and all within plain sight of the factory, its employees, the community, and potential customers!
What a message that sent! Its hurting them and this caps the cake. With Steinway image is everything. Is this the beginning of end? I pray not.
Perhaps its the only way to save Steinway. American kids are not interested in pianos. Craigslist has mint condition baby grands all over the North Shore for $200, even free ones. Not Steinways but nice pianos.
'Not Steinways' is the operative word.
Its like saying there are lots of neighborhoods in Tulsa or Omaha with empty apartments. Its not the Soho or Tribeca, but nice neighborhoods.
Steinway is in a class by itself. Listen to a concert, go to a concert and you see a piano? 98% of the time it is a Steinway. They set the standard.
"Listen to a concert, go to a concert"
Who the hell wants to spend $300 on Carnegie Hall or Lincoln center to sit on your ass in a tiny seat?
Thats what it costs these days thanks to the IATSE. I know because I was Local 1, lots of Italian & Irish looking guys smoking cigars and taking naps up in the seats, huge dues)
I noticed once past 15 feet of the piano acoustic soundboard output (and a Steinwig really does have a distinct unmistakable rich 3D sound signature) but as you move away you start hearing through the front apron monitors, then step down and walk out you start hearing the microphone FOH mixes in the house.
It all gets converted to 1 or 2 point analog in the mix, equalizers, power amplifiers and speakers.
We did a test, out front nobody, guitars players, musicians, sound engineers could tell the difference between the Steinway or the Yamaha digital piano except one person. And that person was the tech that tuned the Steinwig.
Back to "Listen to a concert, go to a concert"
---and no a cheap Sunday matinee wont cut it also, whats it cost to park a car in Manhattan these days $20 an hour? Not riding no 7, L, F or M train neither.
I used to love NY Pops in Central Park with a cooler blanket, girl, some wine at night (but you cant do that no more, no fun, cant do nothing in this dam city. I yearn for the good old days in the park listening to greats like the NY POPs, Robin Trower, Peter Frampton
They did have the iconic all time classic "The Warriors" in Coney Island. We rented a tent, everybody was happy smoking weed (I personally dont like the stuff) and drinking, it was so cool. We were back in 1977 and loving it!!
Please posters, you are embarrassing Queens writing up every dig the outside world throws at you with these comments. Little wonder the outside world avoids the 'Hermit Borough.'
The real problem here, as is 98% of Queens, is a failure of leadership.
This factory can generate a ton of jobs, opportunities for your kids, and taxes to support all those welfare state giveaways from those geniuses you elect. Instead of using your money from your pocket, they can harvest an incredible amount from this place. Yes, a healthy Steinway means more money for you!
Just look at how they go ape shit over Armstrong or Joplin. Those guys are tiny blips compared to what is here.
Yet the politicians remain silent. The community stares dumbly at their feet. Astoria must be the only place in the world to act like that.
Seems that Donald Trump, Sr. was all talk and can't do a thing to stop China.
Who the hell wants to spend $300 on Carnegie Hall or Lincoln center to sit on your ass in a tiny seat?
WHO THE HELL WANTS TO GO TO A CULTURAL EVENING IN QUEENS TO LISTEN TO A POLITICIAN PLAY A GUITAR OR WARBLE INTO A MIC. NO ONE LAUGHS BUT IS SERIOUS CATCHING EVERY NOTE.
THE QUEENS RESIDENTS THINK ITS ENDEARING. THE PRESS ADORES IT.
SO YEA, THE FIRST COMMENT HERE, MADE BY A QUEENS RESIDENT, MAKES ABSOLUTE SENSE.
Good point about Astoria's politicians and civic leaders. Where are they - standing in line for a cut of the action?
But seriously, Paulson is part of Trump's Team of Economic Advisers - yes the same group that advocates keeping jobs in US. Think Trump can reign him in - especially since Paulson can make a fortune off all the Freddy-Mac shares he holds in anticipation of Trump passing legislation that will help him. $500 million profit for Steinway vs $10 BILLION profit for Freddy-Mac.
So, this is an interesting issue here (even tho it is completely over the heads of the locals smoken' dope at a Warriors Concert back the dem big bad 70s man).
Does this mean that the Democrats will do nothing (except become silent investors in the big pit left by the factory's foot print) and Trump would come in to save jobs and legacy? Ask Big Joe Crowley - HE advertises on Brietbart.
Interesting: Since we were taught to hate Trump (in real Big Brother fashion) no one will call him in to help even if it damages us (while it helps the Party of Big Brother?)
This could save the factory. With leadership from outside the community ... (of course).
Like how all the discussion in the news article is how things will help China, and nothing about how it will help Astoria - of course the unstated part is that it will help Astoria - perhaps not the workers, not the tax base, not the American consumer, but hell, it should be a fabulous opportunity for the right people!
So it really depends on how you define 'Astoria.'
(wink - remember people, Trump is nothing more than a Queens 'businessman')
Yet the politicians remain silent.
Sure, you cannot hear what goes on in the closed door of a backroom as deals are being made to line the pockets of insiders at the expense of the community's future.
So lets get this clear. From the comments above:
Trump can stop Steinway from leaving. Trump can stop Paulson from selling. Trump can keep jobs in the community.
The Democrats ignore the plight of Steinway even if it means losing jobs and losing the opportunities that arise from having Steinway in the community. But the development opportunities for the few and well connected is enormous.
And that does leave the door open to rename Steinway Street for Crowley or Vallone or Pistilli so it can't be all bad. Astorians will just shrug and take more pictures of Astoria Park.
Democrats dont give a shit about Steinway or losing jobs because they are going to implement socialism and re-distribute wealth one way or another.
Likely put everybody on universal Medicaid then use the omnibus reconciliation act and New York state medicaid recovery laws to take your money and property if your over 65 or you die. Under universal healthcare the average lifespan is likely to drop by 10 years. Yea, see your doctor or some physicians aid on Skype who will tell you to rest and take aspirin or go to the ER if you feel an emergency.
Worse: If you need life saving equipment, level 1 medical facility or a specialist to save your life your a goner for sure. (just like in Canada and Scandinavia to speed up the process)
The young people who will be seating democrats like Alexa Cortez in November have nothing to lose and all all to gain.
That, and perhaps a 55% flat tax is where the $$$ to pay for socialism is going to come from. Just like Sweeden & Denmark. --As in who needs jobs other then the people who wish to keep what they worked all their lives to own.
Oh better clean out that basement, you will need to take in a government tenant to keep your home. Eat your free government canned fish, meat, cheese and crackers like in Ukraine and parts of Russia
This shit is very real, the barbarians and chaos is now at the gates.
We are witness to death certificate's for Capitalism, Americas and its Constitutions come November.
What are rents and the price to buy into the healthcare system in Cuba, will they take Americans ?
To previous poster:
The fear mongering by you Democrats of the Socialists is small potatoes to the welfare state giveaway to lazy slugs and non-citizens you started.
Donald Trump is in the White House because it was YOUR party that lost the way. Yes, the Democrats put him there by alienating the people in selling them out, as what happened here with the Mansion. This Steinway Farce has the fingerprints of the movers and shakers of Astoria all over it. Everyone in Astoria knows that - they may act at times stupid, but at a certain level, even a dog is cunning. Is that the legacy you want for your grandkids?
You got what you wanted now take the damn money and run. Now give it back to the community where it belongs, get your name on it for donating it, walk away "heroes of the community" and be "boys of the hour". Lets all sing 'kumbaya' and move on already. Win - Win.
Dam shame when a Republicans are gonna lose Texas, I would concentrating on how to protect assets.
Deep deep shit is coming.
https://www.wral.com/trump-adviser-suggests-cruz-isn-t-likable-enough-to-be-re-elected/17829485/
o lets get this clear. From the comments above:
Trump can stop Steinway from leaving. Trump can stop Paulson from selling. Trump can keep jobs in the community.
The Democrats ignore the plight of Steinway even if it means losing jobs and losing the opportunities that arise from having Steinway in the community. But the development opportunities for the few and well connected is enormous.
And that does leave the door open to rename Steinway Street for Crowley or Vallone or Pistilli so it can't be all bad. Astorians will just shrug and take more pictures of Astoria Park.
--------------
So do you think we all know the names behind this? of course.
Steinway a world class factory that employees hundreds and is a great opportunity for the community to enlarge its tax base may leave.
So the politicians and the Queens establishment can do one of two things: come to bat for the community and save jobs (as the President they all vilify suggests) or keep quiet while insiders angle for a cut of the development action.
1. Chronicle - a march by a half dozen people because their rents are going up as landlords make improvements to their apartment buildings (no politicians in sight)
2. Courier AND Gazette (SAME PHOTO!) - new traffic lights near school (Courier) and new school year (Gazette) (TWO politicians in sight!)
3. Astoria Post - hmmm blocked bike lanes, trendy sandwich ship, Astoria dog run, new bagel shop ... nope ... nothing that would interest anyone older than a high school freshman. (now if a rap artist would show up at Frank Sinatra THAT would be news ... well at least to the mentality that now defines Astoria.)
So I guess the adults with gather at the local political club houses to discuss the things that adults talk about while the infantile children they made of the rest of the community can bewail that William Hallett is closing.
Steinway left Astoria the day the original family sold the company which was over 5 decades ago. The people that own the company, which has been sold several times, are only in the investment and real estate business. The original family is gone as is all the old European German craftsman. When CBS owned Steinway they cheapened the product by replacing the felt bushings with Teflon bushings which caused issues. Those pianos have far less value. The Steinway company today is living off the reputation made by a century of excellent pianos by the original family. The new pianos are not the same as the old pianos.
Does your car retain its name if it only serviced by dealer? Steinway states a Steinway is not a Steinway unless they restore the piano with their parts. The truth is their idea of restoration is to remove and replace the entire action with a modern mechanism. The fact is are very few real Steinway parts available from Steinway because they assemble the piano from parts they buy from other manufactures such as strings, turning pins, hardware, bridge pins, felt, key tops, casters, pedals. The cast iron plates are no longer made by Steinway either but an independent manufacture who made plates for all other American manufactures.
The Chinese will do a much better job running the Steinway company. The American culture no longer thinks it is posh to own a real piano. Most American families spend their money on electronic devices. Many of our old Steinways are being shipped to China by the crate load. Soon there will be very few of the old Steinway's left in America. When the Americans wake up their values it will be too late.
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