CBS Steinway

[info@steinway.com]

David,

CBS purchased Steinway & Sons from the Steinway family in 1973 as part of a 
larger corporate strategy to form a musical instruments division.  As you know 
they also purchased Fender, Gulbransen, and Gemeinhart, among others.  The 
results of their efforts in this area can be debated, but they definately 
invested heavily in manufacturing facilities.

In the early eighties CBS decided to divest itself of its diversity; Steinway 
was sold to the Birmingham brothers of Boston.

During the summer of 1995, the Birminghams, after 10+ years of fighting the good 
fight, sold Steinway Musical Properties Inc. to a group of Wall Street investors 
who also owned the Selmer Band Instrument company.  The larger company, Steinway 
Musical Instruments, went public in August 1996 and is now trading as LVB 
(Ludwig Von Beethoven, if you're wondering) on the NYSE...By the way, it was 
initially offered at $19/share and, after trading around 17 for several months, 
has recently ROCKETED to $22/share.  It's an excellent investment opportunity, 
if ever there was one. :-)

So much for our recent history.

Teflon, as a bushing material, was introduced on all New York built grands in 
1962 and used until 1982.

Hope this clears up any questions you had, give us a call if you'd like more 
information.

Yours,
Stephen K. Dove

STEINWAY & SONS, New York