(Yicai Global) Nov. 12 -- Yongli Belting, a Chinese maker of conveyor belts aims to take a controlling stake in US molding firm Modern Precision Technology through the USD1.6 million subscription to newly-issued shares.

Yongli aims to use private capital for the move, which will bring its stake in the New Jersey-based company to 82 percent, Yongli said in a statement.

The Shanghai-based firm will exercise he transaction through its New York unit Broadway Mold.The target company focuses on research and development of molds as well as corresponding manufacturing and after-sales services for precision molding. It will become a marketing and R&D center for Yongli Belting in the US.

The acquisition will help Yongli Belting to take advantage of talent resources in the precision molding sector in the US, and carry out R&D of products according to US market requirements while providing more convenient after-sales services for clients in the country.