China’s Wanfeng Auto Holding Group announced it has completed the acquisition of Diamond Aircraft Group, just a year after it acquired a 60 percent share of Diamond Canada. The company said the move will have a significant impact on Diamond’s long-term future and increased global sales. When it announced last year’s cash infusion to Diamond, Wanfeng promised globally expanded production, sales and support, as well as a stronger focus on the U.S. market.
“We were attracted to Diamond’s leadership position in the market,” said Bin Chen, Chairman of Wanfeng Aviation Industry and President of the Wanfeng Auto Holding Group. “Under the 25-year leadership of founder Mr. Christian Dries, the Diamond team has developed a broad range of superb aircraft that have gained worldwide respect for their performance, efficiency, safety and innovation. Based on this excellent foundation, we intend to take Diamond to a long-term leadership position in worldwide general aviation.”
According to a company statement, Diamond employees celebrated the acquisition as part of their annual holiday festivities, touting Wanfeng’s strategy and available resources for continuing the company’s vision.
“Diamond is my life’s work,” Christian Dries, former CEO of Diamond Aircraft, explained. “In the interest of a successful long-term future, we needed to find the right partner to continue our good work. Wanfeng and specifically Mr. Bin Chen share my vision of the future of general aviation and are investing for the right reasons, with a long-term strategy and the resources to see their vision through. I look forward to seeing Diamond develop further and based on our successful year-long partnership in Diamond Canada, I am fully satisfied that I leave Diamond in very good hands.”