(Yicai Global) Oct. 28 -- Chinese auto parts maker Weifu High-Technology Group is to take over Belgium’s Borit, a world leading supplier of the metal bipolar plates used in fuel cells, to accelerate its entry into the field.

The purchase will optimize Weifu’s positioning in the global fuel cell industry and enhance its competitiveness in emerging markets, the Wuxi, eastern Jiangsu province-based firm said.

No amounts were given but the Geel-based company is valued at EUR42.7 million (USD50.2 million), Weifu said. The acquisition will be done through its Danish subsidiary Weifu Holding.

Weifu’s stock price [SHE:000581] closed up 2.39 percent today at CNY26.08 (USD3.88).

Editor: Kim Taylor