Steinway in Tune With Payout

Steinway (LVB Quote) tickled the ivories Tuesday after the piano maker declared a $3-a-share special dividend.

The New York-based company said the dividend is payable March 9 to holders of record Feb. 23.

"With no large acquisitions planned in the near future, the board determined a dividend to be the most appropriate use of funds at this time," said CEO Dana Messina. "This action reflects the confidence we have in the Company to generate strong operating results in the coming year."

The news comes just a month after Steinway terminated a plan to buy a big music retailer.

The company also said Tuesday that domestic piano workers represented by Local 102 of the United Furniture Workers approved a new three-year contract.

Shares were halted late Tuesday after rising 97 cents to $33.97.