(Yicai Global) Sept. 27 -- Dongfang Precision Science & Technology will sell off storage assets in Italy as part of the Chinese manufacturer's efforts to focus more on producing high-end packaging equipment as well as automobile components.

Dongfang's Dutch unit will divest a 40 percent stake in Vicenza-based logistics solutions provider Ferretto Group to 3F Immobiliare and Errepi 2018 for EUR12.5 million (USD14.7 million), the Guangzhou-based firm said in a statement.

The company will no long hold any equity in Ferretto after the transaction goes through, having been the second-largest shareholder before. Dongfang acquired the stake in July 2015 for EUR10.8 million (USD12.2 million).

Dongdang did not confirm what the divestment means for the company's smart logistics services joint venture with Ferretto Group, set up in early 2016 in Foshan in China's southern Guangdong province.

Editor: William Clegg