The Diamond 42 is one of the most popular light aircraft in the world. Photo credit - Diamond Aircraft
A Chinese aerospace firm has agreed to purchase part of the European / Canadian firm Diamond Aircraft.
Founded and based in Austria, and with a vast manufacturing facility and operation in Canada, Diamond are responsible for the DA 42, a hugely successful twin-engined light aircraft.
The new deal will see Wanfeng Aviation purchase a 60 percent stake in the Canadian part of Diamond, including the manufacturing plant in London, Ontario.
Production of some of Diamond's models will then move to Ontario, including the DA 40 and DA 62.
The company hopes that this move will help the models to gain further sales in both the Chinese and European markets.
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.
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