Steinway Announces Agreement in Principle to Sell Band Division

WALTHAM, MA - January 20, 2012 - Steinway Musical Instruments, Inc.

(NYSE:LVB), one of the world's leading manufacturers of musical instruments, announced today that it has reached an agreement in principle to sell its band division to an investor group led by two current directors of the Company: Dana Messina, former CEO, and John Stoner, Conn-Selmer President.  Samick Musical Instruments Co. Ltd, the owner of 33% of the Company's common stock, will provide a portion of the financing and acquire a significant equity interest in the buyer.

 

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