Zhejiang Dingli Machinery Co announced on Monday that it plans to invest million into U.S.-based California Manufacturing and Engineering Co.
In a statement to the Shanghai Stock Exchange, Zhejiang Dingli said it would purchase a 25 percent stake, or 625,000 shares, in the heavy machinery and equipment manufacturer.
The statement said that the investment fits into the company's business strategy to expand in the U.S.
As of September 30, California Manufacturing and Engineering had about .7 million worth of assets. It generated about .6 million in revenue in the first three quarters of 2017, according to the Zhejiang Dingli statement.