(Yicai Global) Jan. 21 -- Shares in Jiangsu Rainbow Heavy Industries surged as much as 7.7 percent today after the Chinese industrial equipment maker said its German subsidiary has won a purchase order worth EUR911 million (USD1 billion) from a client in the United Arab Emirates for bulk material handling machinery.

Rainbow Heavy’s share price [SHE:002483] closed up 1.85 percent today at CNY7.14 (USD0.94). Earlier in the day it had hit CNY7.55.

Unit Koch Solutions will provide seven sets of bulk material handling equipment to the UAE’s National Center of Meteorology and will provide installation and debugging services, the Nantong, eastern Jiangsu province-based parent firm said yesterday.

The average yearly value of the contract amounts to 36 percent of the company’s business revenue in 2020, it added. No delivery timetable was given, but the agreement is valid for five years.

It is the second deal that Koch Solutions has inked with the National Center of Meteorology in less than a year, Rainbow Heavy Industries said. In July last year, the Wadgassen-based firm penned an order worth EUR242 million (USD274.5 million) for three sets of bulk material handling systems and follow-up services.

Rainbow Heavy Industries bought a 51 percent stake in Koch Solutions, a 75-year-old maker of large handling and lifting devices, in July 2019.

Editor: Kim Taylor