Weichai Power, an automotive and equipment manufacturing firm under Shandong Heavy Industry Group (SHIG), on September 3 clinched a deal to buy a one-quarter stake in German forklift truck maker Kion Group.

The 738-million-euro ($923-million) deal was signed in Jinan, capital of east China's Shandong Province, and marked the greatest direct investment in a German firm made by a Chinese company to date.

Under the deal, Weichai Power will invest 467 million euros ($584 million) to acquire a 25-percent stake in Kion Group, and another 271 million euros ($339 million) for a 70- percent majority stake in Kion's hydraulics business.

Kion Group is the world's second largest forklift truck maker and holds 15 percent of the global market share in the business. The purchase is expected to offer Kion debtrefinancing relief.