Genertec acquires 58% stake in Qier Machine Tool

China General Technology (Group) Holding Ltd (Genertec), one of the country's leading trading companies, yesterday agreed to buy a 58.05 percent stake in Qier Machine Tool Group Co Ltd (Qier), making the company the controlling stakeholder.

Genertec plans to work with Qier to develop the group into the leading heavy-duty machine tool producer in the world, a Genertec statement said yesterday.

Genertec will also support Qier in making some acquisitions to expand its business, both in the domestic and the international market, the statement said.