LVB meaning in Business ?

Answer:

What is Steinway Musical Instruments, Inc. mean?

Steinway Musical Instruments, Inc. is a worldwide musical instrument manufacturing and marketing conglomerate, based in Waltham, Massachusetts, the United States. It was formed in a 1995 merger between the Selmer Industries and Steinway Musical Properties, the parent company of Steinway & Sons piano manufacturers. From 1996 to 2013, Steinway Musical Instruments was traded at the New York Stock Exchange (NYSE) under the abbreviation LVB, for Ludwig van Beethoven. It was acquired by the Paulson & Co. private capital firm in 2013.

Through acquisitions and mergers, the company has acquired a large number of musical instrument brand names and manufacturing facilities. Steinway Musical Instruments acquired the flute manufacturer Emerson in 1997, the piano keyboard maker Kluge in 1998, and the Steinway Hall in Manhattan in 1999. In 2000 it acquired the wind instrument manufacturer United Musical Instruments and in 2003 merged it with their subsidiary The Selmer Company to form the Conn-Selmer subsidiary. In 2004 it acquired the wind instrument manufacturer Leblanc and placed it under Conn-Selmer. It now owns manufacturers of pianos, brasswinds, woodwinds, strings, and percussion. Brands produced under it include Steinway & Sons pianos, Bach Stradivarius trumpets, C.G. Conn French horns, Leblanc clarinets, King trombones, Ludwig snare drums, and Selmer saxophones and woodwinds.

The company sells its products through a worldwide network of dealers to professional, amateur and student musicians, as well as orchestras and educational institutions, under dozens of different brand names. It holds exclusive distribution rights for Selmer (Paris) wind instruments and Yanagisawa saxophones in the United States.

It employs a workforce of around 1,700 and operates 11 manufacturing facilities in the United States and Europe, in addition to Asian contract manufacturers.

reference

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