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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (Date of earliest event reported): December 28, 1998
STEINWAY MUSICAL INSTRUMENTS, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 001-11911 35-1910745
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
800 SOUTH STREET, SUITE 425
WALTHAM, MASSACHUSETTS 02453-1472
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (781) 894-9770
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Item 5. OTHER EVENTS
On December 28, 1998 Boston Piano GmbH, an indirect wholly owned subsidiary
of Steinway Musical Instruments, Inc. acquired from Mr. Hans-Georg Narath, Ms.
Grete Kluge and Ms. Bernhild Clausen the following Kluge companies ("Kluge") for
DM 3,050,000 (approximately $1.8 million). The companies included in the
acquisition were Hermann Kluge GmbH & Co. KG, BOHN Claviaturen GmbH & Co. KG and
Hermann Kluge Beteiligungs-gesellschaft mbH. Kluge has facilities in Wuppertal,
Germany and Wilkow, Poland and employs 50 skilled craftsmen. For 1998, Kluge's
earnings before interest, depreciation and taxes are estimated to be DM
1,100,000 (approximately $650,000). See press release attached hereto as
Exhibit 99.1.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
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(c) Exhibits
Number Description
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<S> <C>
99.1 Press Release issued by the Company on January 4, 1999
announcing the acquisition of the Kluge companies
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
STEINWAY MUSICAL INSTRUMENTS, INC.
/s/ Dana D. Messina
Dana D. Messina
Director, President and Chief Executive Officer
Date: January 12, 1999
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EXHIBIT 99.1
FOR IMMEDIATE RELEASE:
STEINWAY ACQUIRES EUROPE'S LARGEST
PIANO KEY MANUFACTURER
WALTHAM, MA - January 4, 1999 - Steinway Musical Instruments, Inc. (NYSE: LVB)
today announced that it acquired Kluge, Europe's largest manufacturer of piano
keys, on December 28, 1998. The purchase price was approximately 3 million
Deutsche marks. Kluge, which has manufacturing facilities in Wuppertal, Germany
and Wilkow, Poland, generates annual revenues of over 6 million Deutsche marks.
Mr. Hans-Georg Narath will maintain his position as managing director after the
acquisition.
Commenting on the acquisition, Dana D. Messina, Chief Executive Officer stated,
"The completion of this transaction is consistent with our strategy of acquiring
complementary businesses. Kluge, with its consistent profitability and
reputation for excellence, fits our acquisition profile. We look forward to a
smooth, successful integration of Kluge into our piano business."
Bruce A. Stevens, President of Steinway & Sons, added, "We are very excited
about this opportunity. Kluge has produced the industry's finest piano keys
since 1876 and for virtually that entire period Steinway & Sons has been a major
customer. Vertically integrating this acquisition will greatly improve our
manufacturing efficiency."
Steinway Musical Instruments, Inc. through its Steinway and Selmer subsidiaries
is one of the world's leading manufacturers of musical instruments. Its notable
products include Steinway & Sons pianos, Selmer saxophones, Bach trumpets and
Ludwig drums. Additional information can be obtained by visiting our web site:
www.steinwaymusical.com.
Contact: Steinway Musical Instruments, Inc.
Dennis M. Hanson
Phone: (781) 894-9770
E-mail: [email protected]
