Chinese Traditional Enterprise Invests in Genetic Medical Sector

Chinese Traditional Enterprise Invests in Genetic Medical Sector

The Changzhou Diesel Engine Company Ltd., the world's largest producer of medium and low-powered diesel engines, bought 33 percent of the stock shares of the Nanjing Yilai Genetic Medicine Company Ltd Saturday.

Both of the companies are located in east China's Jiangsu Province. Today's purchase was valued at 29 million yuan (3.5 million US dollars).

Changzhou Diesel Engine Company Ltd, with a history of over 80 years, has an annual output of 1.8 million sets of diesel engines. The company will invest in the information and biotechnology sectors.

A leader of the traditional enterprise said that the company plans to purchase a number of large pharmaceutical manufacturers and medical service organs in the future to set up a comprehensive medical industry network.