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Steinway has acquired Renner。 #2873724 07/29/19 08:36 AM
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Pro-TAC Offline OP
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Is that absolute?
The news shook all of us very badly.
Steinway and sons announced the acquisition of the company Louis Renner GmbH&Co. KG .

https://www.lvz.de/Region/Altenburg...xVyHmVfEEwIsyMv6MgJSLNsnalFgYk3acsNLSQcs


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Re: Steinway has acquired Renner。 [Re: Pro-TAC] #2873729 07/29/19 08:50 AM
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johnstaf Online Crying
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I wonder if that means NY is going to start using Renner parts.

Re: Steinway has acquired Renner。 [Re: Pro-TAC] #2873737 07/29/19 09:39 AM
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At least the article says the jobs will remain ..

Re: Steinway has acquired Renner。 [Re: Pro-TAC] #2873744 07/29/19 09:58 AM
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ando Offline
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I wonder if they'll start making rebuilders verify which model piano the Renner parts are going into before allowing them to be purchased... crazy

Re: Steinway has acquired Renner。 [Re: Pro-TAC] #2873749 07/29/19 10:26 AM
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Very poor business decision by Steinway. Composite action parts are the future.

More signs the NY factory will be closed and moved to China. All rebuilding is going to Hamburg now.


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Re: Steinway has acquired Renner。 [Re: Pro-TAC] #2873755 07/29/19 10:38 AM
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Is it still a Steinway then, if you use Renner parts?


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Re: Steinway has acquired Renner。 [Re: Ed McMorrow, RPT] #2873792 07/29/19 12:37 PM
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Originally Posted by Ed McMorrow, RPT
Very poor business decision by Steinway. Composite action parts are the future.

More signs the NY factory will be closed and moved to China. All rebuilding is going to Hamburg now.


Ah, but Steinway can't admit that composite actions are superior in any respect, because they already make perfect pianos, which have wooden actions.

Re: Steinway has acquired Renner。 [Re: Ed McMorrow, RPT] #2873806 07/29/19 01:17 PM
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Ed, Rebuilding is still very much in the Steinway factory in Queens.


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Re: Steinway has acquired Renner。 [Re: ando] #2873808 07/29/19 01:26 PM
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Originally Posted by ando
I wonder if they'll start making rebuilders verify which model piano the Renner parts are going into before allowing them to be purchased... crazy


Renway?


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Re: Steinway has acquired Renner。 [Re: Pro-TAC] #2873971 07/29/19 09:40 PM
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Do we know if this is for real?

Pwg


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Re: Steinway has acquired Renner。 [Re: Pro-TAC] #2873975 07/29/19 09:51 PM
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https://twnews.de/de-news/klavierbauer-steinway-sons-ubernimmt-weitere-spezialfirma has the same news.

Google translation of the above:

Hamburg .. The traditional Hamburg company Steinway & Sons buys know-how: The world's leading instrument maker has acquired the company Louis Renner . The company specializes in the construction of components for grand pianos and pianos. Steinway & Sons is one of the biggest customers of the supplier from Baden-Wuerttemberg and has been purchasing mechanics, hammer heads, special parts and tools for more than 100 years. About the purchase price, the contracting parties have agreed to secrecy.

"Just like us, Renner has a very long tradition, is a leader in its segment, and delivers excellent quality to customers worldwide. We share the same values, "said Guido Zimmermann, Managing Director of Steinway & Sons Europe. Renner should continue to work independently in the group. Steinway guarantees the continued employment of almost 200 employees at the sites in Gärtringen near Stuttgart and Meuselwitz near Leipzig, the company said.

Louis Renner founded the highly specialized family business in Stuttgart in 1882, which today is led by his great-grandson, one of the co-founders, Clemens von Armin, and Sabine Manal.
Steinway & Sons takes over other companies

With the purchase, Steinway & Sons continues its strategic acquisitions. This should ensure that the piano industry can be supplied in the long term with important and high-quality components, it said. These include the company Kluge GmbH in Remscheid as the largest European manufacturer of keyboards and the OS Kelly Company in Ohio, the largest US manufacturer of cast plates, which were both bought in the late 1990s. At the beginning of July 2019, Steinway & Sons also took over the Vienna Piano House on the Opernring.

Last edited by pyropaul; 07/29/19 09:54 PM. Reason: removed unwanted line
Re: Steinway has acquired Renner。 [Re: Pro-TAC] #2873997 07/30/19 12:45 AM
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Reading the complete article in German (my native tongue) does not give me the impression of a declining firm....I guess that's good news for all! I was becoming a bit worried lately when in their new Manhattan shop (which looks more like a used car dealership) I didn't see a single customer on a Saturday afternoon while my son took part in a competition in the basement. Their pianos, most of which I tried out sounded nasal and one-dimensional in color, but that has been my impression for years now and is perhaps due to me not being thrilled with new piano sound in general with the occasional exception of Steinways in Carnegie and Weill Hall that they really care about. If the business decision to buy Renner is a good one remains to be seen, but if nothing else it's an obvious one, securing the supply lines.

Re: Steinway has acquired Renner。 [Re: Pro-TAC] #2874065 07/30/19 06:50 AM
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Why would anyone be "shaken badly" by such a corporate acquisition?

Renner used to make action parts. Renner will continue to make action parts. No problem.

Lots of great pianos are built with Renner action parts. Lots of great pianos are built with non-Renner action parts. No problem.

Lots of pianos are repaired using Renner action parts. Lots of pianos are repaired with non-Renner action parts. No problem.

I really don't see anything to cause us to be shaken badly.

Re: Steinway has acquired Renner。 [Re: Pro-TAC] #2874099 07/30/19 08:49 AM
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It all depends on what their plan of action proves to be (please forgive the pun). There is no way to know that at this time. It is not unusual in the corporate world for a company to go on a spending spree making things look rosy on the outside when in fact there are serious problems on the inside that only a few know about...and then sell (or merge or something else).

This obviously did not happen overnight, so who knows what else is cooking in the pot. I still think it is all a consolidation strategy to present a better product to a potential buyer.

But I could be wrong too. Time will tell.

Pwg


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Re: Steinway has acquired Renner。 [Re: Pro-TAC] #2879449 08/14/19 05:20 AM
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Re: Steinway has acquired Renner。 [Re: Pro-TAC] #2879488 08/14/19 09:12 AM
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Yes, it is official. No doubt about that. What the game plan is only time will tell. However, as in the banking world, when financial institutions get bought up by other financial institutions, what it means is that they were in trouble, and their failure would be detrimental to the financial world at large, therefore acquisition is the lesser of two evils.

Renner, being a major player in the piano manufacturing world, could be seen as too important to fail (if in reality they were in trouble [I have no inside information and am only speculating based on what I know about common corporate practices]), therefore it is a smart move for SS to acquire them. In today's piano market it is hard to believe that the move is purely profit-oriented. IOW if Renner is so successful and highly profitable, why would they want to sell? AND, with SS production down significantly from prior levels, where are they getting the cash to make such a purchase, except possibly by selling 'unused/un-needed' property to movie moguls? Interesting timing of events.

Time will tell. All I know is that there are reasons for these decisions. Current SS ownership is not "piano people" but "money people".

Pwg


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Re: Steinway has acquired Renner。 [Re: Pro-TAC] #2879493 08/14/19 09:29 AM
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PWG

While your reasoning for why a financial institution would buy another is probably correct, it is not a valid assumption in other industries. Companies can and are being bought because they have technology or a product desirable to the purchaser. Why does the company sell if they are profitable? $$$ and stock options.


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Re: Steinway has acquired Renner。 [Re: Pro-TAC] #2879638 08/14/19 07:57 PM
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You may very well be correct!

Pwg


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Re: Steinway has acquired Renner。 [Re: dogperson] #2879697 08/15/19 02:13 AM
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Originally Posted by dogperson
PWG

While your reasoning for why a financial institution would buy another is probably correct, it is not a valid assumption in other industries. Companies can and are being bought because they have technology or a product desirable to the purchaser. Why does the company sell if they are profitable? $$$ and stock options.

Well If they sell we know who they will sell it to.
If you have a good piano which has renner action .,take care of your pianos !

Re: Steinway has acquired Renner。 [Re: Pro-TAC] #2879716 08/15/19 05:18 AM
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There is no reason to assume Renner actions will only be available to Steinway pianos, as this would be decreasing the income that Steinway will get from Renner sales. The purchase would make little sense in this case. Steinway owns Kluge; doesn’t Kluge sell to others? I believe so

I work in an industry where this type of merger is common: business goes on as usual with continued sales to other than the parent company. The profits just are distributed differently. if Steinway ever decides to sell Steinway , the increased profitability will be good for the sale. I can’t see any cause for alarm if you use Renner actions and any convoluted reason for the purchase other than increased profitability for Steinway.

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