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The Boston Globe

Business

Steinway won’t sell band instrument division

Steinway Musical Instruments Inc. has decided not to sell its band instrument division, the Waltham manufacturer announced this week.

The company had previously reached an agreement in principle with a group of investors led by two current Steinway board members, but called off the deal due to a recommendation from a special committee and the operating performance of the division that makes trumpets, saxophones, and other band instruments, according to a statement on the company’s website.

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