(Yicai Global) Sept. 13 -- Eurocrane China is planning to acquire Austria's machine manufacturer Voith-Werke Ing A Fritz Voith Gesellschaft to increase its overseas business.

Eurocrane and Voith-Werke signed an equity purchase agreement under which the Chinese firm will offer EUR49 million (USD57 million) for Voith-Werke through its Austrian unit Eurocrane Austria Holding, the Jiangsu province-based crane maker said in a statement yesterday.

Astrid Grömer and Heike Resch own 95 percent of Voith-Werke's shares while the remainder belongs to funds.

The transaction is scheduled for completion before Dec. 11 this year, with the premises that Eurocrane gets an approval from its shareholder meeting and completes registration with related Chinese authorities, as well as if Voith-Werke succeeds in obtaining a letter of confirmation from its bank of credit.

Voith-Werke has been possessing a steady balance sheet and relatively good profits, mainly from European countries, the statement added.

Headquartered in Linz, Voith-Werke manufactures cranes for clients such as Siemens, BMW, Audi, Thyssenkrupp, and Wartsila.

Editor: Emmi Laine