• New York branch of Steinway & Sons finally stops using Teflon bushings, after William T. Steinway and Walter Drasche invent the method for “impregnation of the felt cloth with a Teflon liquid which coated the fibers of the cloth, and made them slippery without losing the flexibility of the cloth”. The new “Teflon-impregnated felt” helps to improve the reputation of Astoria-built Steinway & Sons pianos.
  • The number of Steinway & Sons pianos built worldwide has declined by 20% – the direct result of the continuing CBS emphasis on profits. The pre-tax margin has declined by over 11%, compared to the rates from the last five years of family ownership, and well below the margin achieved by Henry Z. Steinway in mid-1960s.
  • Under CBS ownership, Steinway & Sons production has declined to 7.2 pianos per worker per year (compared to 10 pianos per worker per year during the last five years of family ownership).