Steinway to acquire G. Leblanc.Steinway Musical Instruments Steinway Musical Instruments, Inc. (NYSE: LVB) is a musical instrument manufacturing conglomerate. Through acquisitions and mergers, the company (formerly known as Selmer Industries) has acquired a large number of musical instrument brand names and manufacturing , Inc. has signed an agreement to acquire substantially all the assets of G. Leblanc Corporation of Wisconsin Wisconsin, state, United States Wisconsin (wĭskŏn`sən, –sĭn), upper midwestern state of the United States. It is bounded by Lake Superior and the Upper Peninsula of Michigan, from which it is divided by the Menominee for approximately $36 million. Leblanc is a manufacturer of band instruments and sells products under the Leblanc, Noblet, Vito, Holton, Martin and Yanagisawa brand names. Leblanc expects to generate revenues of $28 million for 2004. Leblanc will be operated as part of Steinway's Conn-Selmer band instrument division. The transaction, which is subject to customary dosing conditions and purchase price adjustments, is expected to close in the third quarter. Steinway will accommodate the purchase with cash, supplemented by its existing credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities . Other than inventory step-up step-up A scheduled increase in the exercise or conversion price at which a warrant, an option, or a convertible security may be used to acquire shares of common stock. and similar acquisition-related charges, the company does not expect the purchase to have a material impact on 2004 earnings. |
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