Zhejiang RIFA Precision Machinery Co., Ltd. (SZSE:002520) agreed to acquire an additional 16% stake in Machining Centers Manufacturing S.p.a. from Gabriele Gasperini, Giuseppe Bolledi, Albino Panigari, Franco Zanelli, and Piero Bernazzani for €4.8 million on October 12, 2016. Machining Centers Manufacturing reported total assets of CNY 508.95 million (€71.76 million), net assets of CNY 156.74 million (€22.1 million), revenue of CNY 441.21 million (€62.21 million) and net profit of CNY 32.02 million (€4.51 million) for the year ending December 31, 2015. The deal was approved by the Board of Directors of Zhejiang RIFA Precision Machinery on October 9, 2016. Currency conversion was done using www.oanda.com.