Steinway Chinese?


The legendary New York piano maker Steinway has apparently piqued the interest of a Chinese state-owned company. According to the Agency Bloomberg, the conglomerate China Poly Group, is studying a Takeover.

Steinway is owned by the financial investor John Paulson, who bought the company in 2013 for approximately 512 million dollars. Meanwhile, the price for the tradition-rich company could be a billion dollars, speculates Bloomberg. The Finance Agency is relying on anonymous insiders. The discussions had not yet advanced far, writes Bloomberg. But Poly Group take care of the financing of the deal and approval by the government.

The state company was established Bloomberg as a supplier to the army. Meanwhile, in numerous industry sectors, from explosives on real estate up to cinemas. Steinway, Paulson, and the China Poly Group did not make any comment to the report.

The company’s founder, Heinrich Steinweg (Henry E. Steinway)

According to Bloomberg, other companies could register interest. The instrument maker is known for its Grand pianos, which are played by legendary musicians such as the Chinese concert pianist Lang Lang. Steinway & Sons was founded by the German immigrant Heinrich Engelhard Steinweg and Henry Engelhard Steinway. He is operating his company in a factory in Manhattan. In March, opened Steinway a sales office for the Asian region in Shanghai.

ar/nm (rtr – Bloomberg)