(Yicai Global) Oct. 24 -- Zhejiang Dayuan Pumps Industry Co. [SHA:603757] will invest CNY1.2 billion (USD180.75 million) to increase annual production of its canned motor pumps at its facility in Hefei, the capital of China's central Anhui province, to 8 million sets, the company said in a press briefing yesterday.

The firm will use CNY70 million of the total investment to purchase 153,300 square meters of land for construction work, which will be completed in three phases spanning two years.

Dayuan Pumps is one of the largest manufacturers of farm pumps and a leading producer of canned motor pumps in China. Canned motor pumps, an improved version of the traditional centrifugal pump, enables receptacles to be completely leak-proof through special processes.