Upfront

MoMM Gala raises $40K to Help Fund Music Ed Programs

The Museum of Making Music (MoMM) raised more than $40,000 at its August 23 gala auction, which featured a lavish live auction and silent auction, and a powerful performance by Santana vocalist Greg Walker.  The funds raised from the auctions, which included a beautiful variety of donated music products such as electric and acoustic guitars, a Celtic harp, a banjo, and ukuleles, as well as music lessons, accessories and music books, help offset the $60,000 annual cost of operating the Museum’s many educational programs.

D’Addario to Relocate Steel Wire Manufacturing to Farmingdale, NY

D’Addario is transitioning its Renaissance Wire division from Oxford, Mass., to Farmingdale, N.Y. Targeted for completion in early 2014, the multi-million dollar modernization plan includes relocation and re-engineering the entire process for producing high carbon steel music wire.

NAMM Announces William R. Gard Memorial Scholarship Recipients

The NAMM Foundation has announced the recipients of the William R. Gard Memorial Scholarship for the 2013-14 academic year. Named for a former NAMM executive vice president, the Gard Scholarship is designed to invest in the education of promising students who are contributing their talents to the music products industry. The annual award supports a portion of academic expenses for selected NAMM Member-company employees studying full time at accredited four-year universities.

Music China 2013

More than 1,600 brands and suppliers from 25 countries and regions will display a wide selection of eastern and western musical instruments at this year’s Music China which will be held at the Shanghai New International Expo Centre, Shanghai from 10 – 13 October 2013. The show is a “must-attend” event organised by Messe Frankfurt (HK) Ltd, the China Music Instrument Association (CMIA) and INTEX Shanghai.

New Dates & Venue for 2014 NAMM Musikmesse Russia and Prolight + Sound NAMM Russia

​NAMM Musikmesse Russia and Prolight + Sound NAMM Russia's 2014 edition will now be held September 18-21 and September 18-20, 2014 respectively and in a new, modern venue, the IEC Crocus Expo in Moscow. Both the timing and the location are being adjusted to best fit the growing needs of the music product and pro-light and sound industries in the region. The second edition held in May 2013 received positive feedback and suggestions for further development from the participants. More than 130 producers and distributors from 15 countries met 9,381 unique visitors, which is a 49-percent increase compared to the show's premiere in 2012. The fringe programs of the fairs consisted of more than 90 events from professional development programming, to seminars and conferences and a music festival for the public.

The Ukulele Craze Continues…

Musser Arrives in Elkhart

With new positions in the south plant and the equipment in place Musser is settling in well to its new home at the Conn-Selmer Elkhart Campus.  Full production began this week (August 18).

Steinway Sale: Paulson Tops Samick and Kohlberg in Bid, Doubles Share Value

Hedge fund billionaire John Paulson really wants Steinway. While just this past December Steinway stock was selling at $20 a share, he is now paying $40.

A bidding war was sparked by Paulson’s unexpected bid this past Tuesday. The move prompted Steinway’s biggest shareholder, Samick Musical Instruments, to attempt to grab the company for $39 a share. Paulson & Co. quickly shot back with a $40 a share offer, pushing the value of the company to $512 million

Steinway Deal Turnaround: Billionaire John Paulson Beats Kohlberg Offer

In a surprise move, billionaire John Paulson looks set to take the keys of Steinway Musical Instruments. Private equity firm Kohlberg & Co., which had made an offer on the company on July 1 of this year, yesterday waived its right to negotiate when Paulson stepped in unexpectedly with a higher offer. On the table was a $35 a share bid which many in this industry thought was generous indeed, but it was trumped by Paulson’s $38 a share, placing a value on the 160-year-old American piano maker at $478m.

New Developments in Steinway Sale

As reported in MMR, on July 1 Steinway Musical Instruments agreed to an acquisition by private equity firm, Kohlberg & Co. The deal was for a reported $438 million and was projected to close in the third quarter of 2013.

GC Unionization in Chicago

Just a few months since the late-May unionization of the Manhattan Guitar Center retail outlet, employees at a Guitar Center store in Chicago have now voted to form the company's second-ever retail union. This is another significant win for the Retail, Wholesale and Department Store Union (RWDSU), which was unable to unionize two additional New York stores earlier this summer. The new bargaining unit in Chicago will seek to improve wages and to change the store's sales commission structure.

Seiler Unveils Long-Term Strategy For North America Market

Seiler Pianos, European maker of pianos and grands since 1849, officially launched its new marketing strategy for the North American market during its recent dealer meeting in Nashville, Tenn. The two-day meeting, held at the historic Union Station Hotel, featured the introduction of new lower-priced lines based off the authentic Seiler German designs, a comprehensive suite of marketing tools to support dealers at every level of the selling process, as well as complete point of purchase mural and kiosk to help distinguish the Seiler brand in showrooms.