(Yicai Global) March 1 -- Chinese auto parts supplier Guilin Fuda Co. will set up a domestic joint venture with a German manufacturer as it looks to bolster growth in the crankshaft market.

Fuda and Maschinenfabrik Alfing Kessler GmbH will split ownership of the new company in southwestern Guangxi province, the Chinese firm said in a statement. The pair will plow EUR48 million (USD59 million) into the venture, which will cover design, production and sales of large crankshafts, a specialism of the German parts maker.

The partnership is Fuda's first with a renowned overseas firm, and it hopes the deal will help it gain a technological advantage in large crankshaft production. Alfing is the world's largest independent supplier of large crankshafts and has ties with a number of Chinese firms, including China Shipbuilding Industry Corp., China State Shipping Corp. and CRRC Corp., the country's largest rolling stock manufacturer.

The new unit will make shafts ranging from 1.6 meters to 8 meters and offer them to engine assemblers in the local area. It will also manufacture for internal-combustion and compression engines and offer maintenance services.