August 17 -- Tianrun Crankshaft (002283), a producer of crankshafts and machine tools, intends to spend up to 200 million yuan to acquire a minimum stake of 51 percent in crankshaft maker Jiangsu Songlin Automobile Component, reports Yicai.com, citing a company filing.

After the completion of the acquisition, Tianrun Crankshaft will inject assets into Songlin Component, raising its stake in the company to 75 percent.

Songlin Component posted net profit of 7.25 million yuan on sales revenue of 137 million yuan in the first quarter of 2011.

Shares of Tianrun Crankshaft were up 2.88 percent to trade at 15.34 yuan at 13:58 today.

Source:capitalvue