Date:
20 Jan 2016
Guangzhou Pearl River Piano Group announced on Tuesday that its wholly-owned subsidiary in Europe had signed an agreement to purchase a 90% stake in Europe’s largest piano maker, Josef Schimmel GmbH & Co. KG, for €24m.
Engaged in the production and distribution of pianos, Germany-based Schimmel operates under the brands Konzert, Classic, International and Wilhelm.
Pearl River Piano expects the acquisition of the century old piano maker to beef up its brand image and craftsmanship so that it can expand globally.
Schimmel reported €16.7m in revenue and had €11.2m in total assets at the end of 2014.
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