Guangxi LiuGong Machinery Co, one of the largest wheel loader manufacturers around the world by market share, will acquire Poland's Huta Stalowa Wola's construction equipment division for about 335 million yuan ($53 million), according to a report filed to the Shenzhen Stock Exchange Wednesday.

The acquisition is in line with the company's long-term strategy of expanding in overseas markets. The company employs more than 14,000 workers, including over 1,000 engineers, working globally.