December 16 -- Zhejiang Leo (RCode: 002131), a maker of pumps and gardening equipment such as lawn mowers and fountain pumps, plans to fully acquire Dalian Huaneng Corrosion Resistant Pump Works for 50 million yuan, reports yicai.com, citing a company filing.

The target company, founded in 1992 with a registered capital of 10 million yuan, manufactures multi-stage pumps, two-stage centrifugal oil pumps, and other high-end pumps.

PetroChina (601857, 0857.HK) and Sinopec (600028, 0386.HK) are some of the major customers of Dalian Huaneng Corrosion.

According to Leo, the acquisition will optimize its product mix and generate a new source of earnings.