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                                                                    Exhibit 99.2

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

                         BALDWIN PIANO COMPLETES SALE OF
              RETAIL FINANCING UNITS TO DEUTSCHE FINANCIAL SERVICES

               SALE WILL SHARPLY REDUCE DEBT AND IMPROVE FOCUS ON
            BALDWIN'S CORE PIANO AND CONTRACT ELECTRONICS BUSINESSES

         Mason, Ohio, March 13, 2000 -- Baldwin Piano & Organ Company (NASDAQ:
BPAO) today announced that it has completed the sale of its two wholly owned
retail financing units -- Keyboard Acceptance Corporation (KAC) and Signature
Leasing Corporation (SLC)- to Deutsche Financial Services Corporation (DFS).
Baldwin received gross proceeds of $35 million. After transaction expenses,
Baldwin expects to net approximately $32.5 million for an after-tax gain of
$700,000, or 20 cents per share.
         Karen L. Hendricks, Chairman, President, and Chief Executive Office of
Baldwin said, "With this sale completed, Baldwin can focus on its two
manufacturing-based businesses, pianos and contract electronics. Debt reduction
and a significant deleveraging of our balance sheet will benefit our remaining
businesses and our shareholders. Looking ahead, we feel we have an aggressive
but realistic business plan that is clearly focused on returning the company to
profitability."
         Key elements of the transaction include commitments from Baldwin to
continue to use KAC and SLC to service the retail financing needs of its
company-owned stores and to use Baldwin's retail outlets to sell pianos
repossessed by KAC and SLC. Baldwin also agreed to retain a contingent
obligation for certain past-due installment receivables for a period of two
years.

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         Baldwin Piano & Organ Company has marketed keyboard musical products
for over 138 years. Baldwin, maker of America's best selling pianos, also
manufactures electronic and electro-mechanical components for Original Equipment
Manufacturers.
         Deutsche Financial Services Corporation, a unit of Deutsche Bank Group,
is an international leader in providing financing and servicing programs that
facilitate the product distribution and sales process. Programs and services
include inventory financing, middle market secured lending, leveraged
acquisition financing, non-funded service programs, consumer and commercial
end-user financing, franchise financing, leasing, extended warranty programs and
related financial services.
         Deutsche Financial Services Corporation, based in St. Louis, Missouri,
operates across the United States, Canada, Europe and Puerto Rico. Deutsche Bank
Group is the world's largest financial institution with assets in excess of $840
billion on December 31, 1999. Additional information about DFS may be found on
the World Wide Web at http://www.dfsc.com.

                                      # # #

"Safe Harbor" statement under the Private Securities Litigation Reform Act of
1995: This release contains forward-looking statements that are subject to risks
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 filings with the Securities and Exchange
Commission.