Guangzhou Pearl River Piano Co Ltd completed the purchase of Germany's largest and most famous piano maker Schimmel on Wednesday, accelerating what officials called its strategic development at home and abroad.

The Shenzhen Stock Exchange listed company now holds 90 percent of the shares in Schimmel-Verwaltungs GmbH, valued at 23.99 million euro ($27.1 million), it said in a statement.

Li Jianning, Pearl River Piano's vice-chairman and general manager, said the purchase will ensure Schimmel can continue to be independent, and continue to manufacture some of the world's highest quality pianos.