June 26 (NBD) -- Fuyao Glass Industry Group Co., Ltd. (600660.SH)'s wholly-owned subsidiary Fuyao Hong Kong has entered into an agreement to buy a 100 percent stake in metal tool maker Fujian Triplex Holdings Group Co Ltd for around 224 million yuan (34.4 million U.S. dollars) from Triplex Holdings, the Chinese leading automotive glass manufacturer said on Tuesday.

In 2017, Fujian Triplex reported about 729 million yuan (111.8 million U.S. dollars) in revenue and reaped 53.5 million yuan (8.2 million U.S. dollars) in net income.

The deal is aimed to expand Fuyao Glass Industry's presence in the auto parts domain, better company management and increase efficiency.

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