China’s Anhui Xinke New Materials said it has acquired an 80% stake in Midnight Investments, owner of Hollywood production studio Voltage Pictures, for 2.39 billion yuan (US$350.71 million).

Anhui Xinke is primarily involved in copper processing and in the manufacturing of electric wires and cables. Earlier this month, it established Wotaiji International Media, a wholly-owned subsidiary set up to acquire media assets.

The firm said the acquisition would enable it to strengthen its position in the domestic and international film business, and would significantly boost its profitability.

Voltage Pictures has produced 150 movies, including the Academy Award-winning The Hurt Locker and Dallas Buyers’ Club.