Chinese company Wanfeng Aviation has acquired a controlling stake in the Canadian subsidiary of Austrian aerospace firm Diamond Aircraft Industries, it was announced on 21 December.
Diamond Aircraft said in a statement that Wanfeng has acquired 60% of the total shares in Diamond Canada, based in Ontario, but did not reveal the value of the transaction.
Diamond Aircraft said the investment by Wanfeng will “support expanded production, sales and service activities globally with a strengthened focus on the US market”.
The company added that its Austrian headquarters is not part of the deal. “Diamond Aircraft Industries GmbH, (Diamond Austria), remains completely independent and will assist production and development activities in the Canadian company,” it said.
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