(Yicai Global) Dec. 9 -- China's Neway Valve intends to purchase German flow control products maker Econosto International Holding for EUR11.3 million (USD12.5 million) to widen its international market share.

Neway Valve's board of directors has given the green light to the plan so the firm will move onto penning an equity transfer deal with the target firm, the Suzhou-based company said in a statement on Dec. 6. 

The Chinese company's [SHA: 603699] share price has climbed by one-quarter since late October to CNY13.80 (USD2) this morning. That was a 0.3 percent climb for today.

Dortmund-headquartered Econosto made a profit of EUR259,300 (USD286,647) in the first half of this year. Its revenue was EUR15.1 million. The firm serves energy and maritime companies with subsidiaries in countries including Russia. 

Editor: Emmi Laine