Business
4:45 am
Tue July 2, 2013

Business News

Originally published on Tue July 2, 2013 8:36 am

Transcript

RENEE MONTAGNE, HOST:

NPR's business news starts on a high note.

(SOUNDBITE OF MUSIC)

MONTAGNE: Steinway Musical Instruments announced Monday that it would be acquired by the private equity firm Kohlberg and Company in a deal worth $438 million. Kohlberg says it plans to build on Steinway's 160 years of piano-making tradition and expand its sales globally.

Steinway's stock price jumped in response to the news. And for the record, the company's ticker symbol is LVB - a reference to the initials of Ludwig van Beethoven. Transcript provided by NPR, Copyright NPR.