The Steinway piano company has a new owner. This fall, the investment firm Paulson & Co. — led by billionaire John Paulson — spent about $500 million and bought all of Steinway & Sons, the venerated piano maker.
The deal includes a foundry in Springfield, Ohio, where the Steinway pianos are born in fire.
The O.S. Kelly Foundry has been making Steinway's plates since 1938. The plate is the cast-iron heart of a piano: It holds the steel wire strings with 40,000 pounds of tension, the company says. It allows vibrations to arise in a concert hall as music.
Robots are working alongside humans on car production lines, taking what Technology Review calls "a huge step toward revolutionizing the role of robots" at car factories. Previously, robots had been seen as being too unsafe to place them shoulder-to-arm-joint with humans on the assembly line.
Known as the "Carpet Capital of the World," Dalton, Ga., has struggled and lost 17,000 manufacturing jobs over the past decade.
But now, Engineered Floors is investing $450 million in two new manufacturing facilities and a distribution center in the area. The Dalton expansion is part of a resurgence in manufacturing in Georgia and it reflects an optimistic outlook for manufacturing across the Southeast.
For roughly two decades, the Zodiac has been the U.S. military's choice for inflatable rubber rafts. These rafts, especially the high-end model F470, are not the recreational rafts you take out to the lake on a Sunday, says Lionel Boudeau, the head of Zodiac's North America operations.
"It is used for a large variety of missions, like assault landings, infiltration and exfiltration," he says. "It can be deployed from the shore or deployed from the air by an aircraft, a helicopter, by a submarine. It is used by special forces and regular Army."
Steinway & Sons, the 160-year-old musical instrument maker, is set to change hands.
Last month, a private equity firm emerged as the company's likely buyer. But a mystery bidder — rumored to be hedge fund manager John Paulson — has swooped in at the last minute, and now looks likely to take control of one of the oldest manufacturers in the United States. Paulson made billions betting against the housing market at a time when many thought housing prices could only go up. His reported offer for the company is $458 million.