NEW YORK — April 19, 1995

Steinway & Sons, the 142-year-old piano maker, has announced Wednesday it has been sold for $100 million to musical instrument producer Selmer Co. Steinway, which was sold a decade ago to a group of investors for a reported price of $50 million, said it will continue to operate as an independent entity under its new owner.

Each company employs about 1,000 people. Steinway has been producing concert grand and baby grand pianos since the early 20th Century from its factory in Long Island City, N.Y. The company was sold to CBS Inc. in 1972 by Henry Z. Steinway, grandson of founder Heinrich E. Steinway, and re-sold in 1985 to a group led by John P. Birmingham and his brother Robert Birmingham. Over the past decade, Steinway has been faced with complaints that the quality of its new pianos had declined and lower demand, since there is a large supply of older Steinway pianos. Steinway and Selmer, which makes a variety of band and orchestral instruments such as saxophones, said the company resulting from the merger will be the largest of its type in the United States, with annual sales of nearly $250 million.

Bruce Stevens will continue as president and chief executive officer of Steinway, and Thomas Burzycki will remain as president and CEO of Selmer. Steinway also has production facilities in Hamburg, Germany, while Selmer has production facilities in Elkhart, Ind.; Cleveland; La Grange, Ill; and Monroe, N.C. Selmer earned nearly $3 million on sales of $101 million last year.