Heinrich Engelhard Steinweg founded a company 160 years ago in lower Manhattan to make musical instruments, including pianos. He later changed his name to Henry Steinway and the company's pianos set a standard for excellence. Yesterday, the private equity company Kohlberg & Co. acquired Steinway for $438 million, paying $35 per share, considerably above the value of the steadily declining stock.
Steinway Musical Instruments also produces Bach Stradivarius trumpets, Selmer Paris saxophones, and CG Conn French horns, and holds more than 127 patents for musical instruments.
Kohlberg announced it will look for partnerships to help Steinway expand globally, "while ensuring the artisanal manufacturing processes that make the company's products unique are preserved, celebrated and treasured."
An enjoyable and brief education about how these pianos are made is available with the film Note by Note: The Making of Steinway L1037.
Parenthetically, while the Steinway history is long and distinguished, my favorite ongoing instrument-maker of longevity is the cymbal manufacturing company started in 1623 by Avedis Zildjian in Istanbul, now run in Massachussets by 14th-generation family member Craigie Zildjian.