Steinway won’t sell band instrument division

Steinway Musical Instruments Inc. has decided not to sell its band instrument division, the Waltham manufacturer announced this week.

The company had previously reached an agreement in principle with a group of investors led by two current Steinway board members, but called off the deal due to a recommendation from a special committee and the operating performance of the division that makes trumpets, saxophones, and other band instruments, according to a statement on the company’s website.

“Entering into a definitive agreement on the terms negotiated with the investor group would not be in the best interests of the company’s shareholders at this time,” the company said in its statement.

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Steinway had discussions with several groups interested in buying the division, and the entire company, since the initial offer was made in July of 2011. The company did not immediately reply to a request for comment.

“The board of directors concluded that none of the alternatives presented generated shareholder value superior to the value inherent in the company’s strategic plan,” Michael Sweeney, chairman and chief executive, said in the statement.