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                                                                    Exhibit 99.8



CONTACTS:  Duane Kimble                          Ken Di Paola or Joel Pomerantz
           Baldwin Piano & Organ Company         The Dilenschneider Group
           (513) 754-4647                        (212) 922-0900


                     BALDWIN PIANO WILL SHUT DOWN ITS PLANT
                            IN GREENWOOD, MISSISSIPPI

        REDUCED OVERHEAD, LOWER INVENTORIES AND OUTSOURCING OF COMPONENTS
       EXPECTED TO GENERATE ANNUAL PRE-TAX SAVINGS OF MORE THAN $3 MILLION


       MASON, OHIO, January 31, 2001 -- Baldwin Piano & Organ Company
(NASDAQ:BPAO) today announced it would shut down the company's Greenwood,
Mississippi plant and outsource components manufacturing to other woodworking
firms in the U.S and abroad. The company expects to complete a phase out of
operations by mid 2001. Plans are to sell the Greenwood facility.

       The company expects the outsourcing of components and the shutdown of its
underutilized Greenwood plant to sharply reduce overhead costs, lower
inventories and generate annual pre-tax savings of over $3 million. While
Baldwin will take a one-time charge in 2001 of $2.5 million for costs associated
with the shutdown, cash generated from inventory reductions will more than
offset the one-time charge.

       The phase out of the Greenwood plant will eliminate approximately 275
jobs. The finishing and assembly of pianos and keys and actions for pianos in
Baldwin's other plants should not be affected, since components will now come
from other outside suppliers instead of the Greenwood plant.

       Commenting on the decision, Karen Hendricks, Baldwin's president,
chairman, and chief executive officer, said: "The outsourcing of Greenwood's
operations represents the next step in Baldwin's plan to properly size its
manufacturing processes and operational footprint to its business. This plan
began over three years ago with the implementation of synchronous

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manufacturing, which achieved dramatic reductions in space requirements. It was
followed by the consolidation of grand piano assembly operations at our plant in
Trumann, Arkansas. All of these moves were undertaken to improve the company's
cost structure and efficiency, reduce overhead costs, improve cycle time, and
cut inventories. The current climate of slack consumer demand, high inventories
and continuing growth in Asian imports simply accelerated plans already in
place.

       "Consistent with Baldwin's long-standing policy, we will make every
effort to help displaced workers at Greenwood find new employment. Saying
goodbye to good highly skilled workers is never easy. To make the transition to
alternate employment as smooth as possible, all eligible employees will receive
separation benefits, and we will provide whatever assistance we can."

       Ms. Hendricks noted that this outsourcing plan promises to improve
overall quality. Some veneering and finishing processes may be moved internally
to the company's remaining plants, which already have considerable experience
with these processes. She also pointed out that outsourcing component parts
would require an upgrading of quality specifications and parts drawings,
ensuring high-quality parts from the start.

       Baldwin Piano & Organ Company, the maker of America's best selling
pianos, has marketed keyboard musical products for over 140 years.

       "Safe Harbor" statement under the Private Securities Litigation Reform
       Act of 1995: This release contains forward looking statements that are
       subject to risk and uncertainties, including, but not limited to, the
       impact of competitive products and pricing, product demand and market
       acceptance, reliance on key strategic alliances, fluctuations in
       operating results and other risks detailed from time to time in the
       company's filing with the Securities and Exchange Commission.