Steinway Musical Instruments Inc, the famous manufacturer of pianos, saxophones and trumpets, said on Wednesday it had decided not to sell itself following a 17-month-long exploration of strategic alternatives.An American icon synonymous with handmade grand pianos, Steinway has struggled to keep its production margins competitive amid stagnant sales, and has seen its shares plunge 10 percent year-to-date. Still, its third-quarter earnings last month offered signs that cost-cutting was paying off.In a statement on Wednesday, Steinway said it had received several non-binding indications of interest in buying the company, following talks with other companies in the sector as well as private equity, yet these did not offer more value than its own strategic plan."We will continue to focus management's efforts on execution of that plan and we look forward to a prosperous 2013," Steinway CEO Michael Sweeney said in the statement.
Steinway Musical Instruments, Inc., through its wholly owned subsidiaries, is engaged in the design, manufacture, marketing and distribution of musical instruments. Shares of LVB traded higher by 0.18% or $0.04/share to $22.52. In the past year, the shares have traded as low as $21.30 and as high as $26.97. On average, 18100 shares of LVB exchange hands on a given day and today's volume is recorded at 8270.
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