Announcements Regarding L. Bösendorfer GmbH From BAWAG P.S.K.

Bösendorfer Gold Logo

    L. Bösendorfer Klavierfabrik GmbH is a wholly owned subsidiary of the Bank Für Arbeit und Wirtschaft AG, BAWAG ('Bank for Labour and Business Corporation') of Austria. BAWAG P.S.K. was formed in 1 October 2005 by a merger of P.S.K. and BAWAG banking firms, and since then the firm became involved in a disastrous scandal involving fraudulent transactions. The top management of L. Bösendorfer Klavierfabrik GmbH serve at the pleasure of BAWAG P.S.K. and the author senses that in the confusion, particularly in 2006, L. Bösendorfer Klavierfabrik GmbH may have suffered at the hands of some distracted and uninspired leadership.

    BAWAG P.S.K. Logo BAWAG Statement Regarding Bösendorfer (06.09.2006)

      "BAWAG P.S.K. denies the report printed in the daily newspaper Der Standard on 7 September 2006 about the possible imminent sale of the piano manufacturer Bösendorfer.

      A large number of parties have expressed interest in the piano manufacturer Bösendorfer since sales proceedings were initiated in February of this year. However, these proceedings are not being continued because BAWAG P.S.K. is concentrating its full attention on the sale of the bank.

      Business is improving overall for Bösendorfer, both as a result of cost-cutting measures and positive sales results.

      For further information, please contact: BAWAG P.S.K. Press Office"

    BAWAG P.S.K. Logo Ewald Nowotny Statement (English Release) Regarding Bösendorfer (03.21.2006)

      "Ewald Nowotny
      Chairman of The Managing board
      BAWAG P.S.K.
      Bank Für Arbeit und Wirtshcaft
      Und Österreichishe Postsparkasse
      A-101 Vienna
      Seitzergasse 2-4
      Tel (+431) 534-53//22279

      Vienna, 21 March 2006

      As the corporate parerents of Bösendorfer Klavierfabrik we are anxious to keep our dealers and customer fully informed about our plans for this long-established and distinguished company.

      When we acquired Bösendorfer, our motiviation was to support and secure the comapny's unique piano manufacturing skills, and this has not changed in any way.

      It is true that we are planning to divest ourselves of all our non-bank holdings, and this includes Bösendorfer. At the same time, our intention is to identify a buyer or investor for Bösendorfer who will guarantee that this iconic Austrian company can maintain and develope its Austrian manufacturing base and secure its future.

      We regard this as part of the cultural responsibility to which we are called daily in many reaches of the arts and cultural life. We also intend to continue our close relationship with Bösendorfer in our arts sponsorship activities. I encourage your continued support of this fine company.

      Yours sincerely,"
      signed Ewald Nowotny

    Download a copy of the above signed letter in Adobe .pdf format (28,532 bytes).

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