(Yicai Global) Feb. 9 -- Weifu High-Technology Group’s stock price rose after the Chinese auto parts maker said it will acquire Robert Bosch’s Italian vacuum pump affiliate for EUR60 million (USD68.5 million) to enter the field of core parts and components for new energy vehicles.

Weifu [SHE: 000581] closed 3.3 percent up at CNY22.13 (USD3.48) today, after earlier climbing as much as 4.8 percent.

Wuxi-based Weifu will acquire Vacuum and Hydraulic Product Italy and its unit VHIT Automotive Systems Wuxi, also known as Vacuum and Hydraulic China or VHCN, from Robert Bosch Italy, the German engineering giant’s Italian unit, the Chinese firm said in a statement late yesterday.

Bosch is Weifu’s second-largest shareholder with a 14.2 percent stake.

VHIT is a world-leading tier-one pump and valve supplier for passenger and commercial vehicles and has long-term ties with major automakers in Europe and the Asian-Pacific region. It is developing an electric fuel pump for NEVs that is expected to go into mass production in the second half of the year. Carmakers are paying attention to the new product’s development.

VHIT’s technology and products have strong synergistic development potential with Weifu, the Chinese company noted, predicting its revenue from the auto market for vacuum pumps and thermal management systems as well as core parts and components will reach CNY2.8 billion (USD440,000) by 2030.

Revenue at VHIT and VHCN rose 10.4 percent to EUR128 million (USD146.2 million) last year from 2020, while net profit slumped over 63 percent to EUR440,000 (USD502,500), Weifu added.

Editor: Futura Costaglione