Chinese company buys Diamond aircraft of Austria
China’s Wanfeng Aviation has purchased specialist light aircraft manufacturer Diamond.
The Chinese company already held a 60 percent stake in Diamond, which is an Austrian headquartered company, with significant operations in Ontario, Canada.
A Diamond DA-42 is photographed with a pilot. [Photo provided by Tommy Santoni to Sino.uk]
Diamond is responsible for a number of popular models, including the pictured DA-42, a hugely successful twin-engine light aircraft.
They are one of the world's most important manufacturers of training aircraft, a market that is expected to be extremely important in China over the next few years, as airlines recruit pilots for the growing Chinese airline fleets.
Despite the popularity of its products, Diamond has been apparently struggling financially for several years. This has largely been due to its decision to design an ill-fated jet aircraft, which cost tens of millions of dollars to develop - yet only three aircraft were ever made.
Nevertheless, the company was pioneering in an initial deal it made with a Chinese company in 2005. Under the terms of that agreement with Shandong Bin Ao, some 500 DA-40 aircraft have been manufactured in Dagao annually for the last few years.
Diamond and China have a positive history of cooperation, and the agreement Wanfeng should herald a brighter future for the company.