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Tue, Feb 26, 2013

More Signs Of The Times -- Diamond Restructures, Puts D-Jet On Hold

Temporary Lay-Offs Announced, Pending Restructuring

Diamond Aircraft Industries Inc. (Canada) and D-JET Corporation have confirmed to ANN the restructuring of Diamond's London Ontario based operations, citing continuing low piston aircraft sales, especially in the North American market, and the significant burden of its cost intensive D-JET development program.

In a cost cutting measure, the majority of the workforce has been issued temporary lay-off notices, pending implementation of restructuring plans.

“We want to hire back as many employees as possible, as quickly as possible, but the exact number and timing will be determined as we develop our restructuring plans in the coming weeks,” said Peter Maurer, President & CEO. “Regrettably we need to suspend activity on the D-JET Program, pending the securing of additional funding.”

Diamond Aircraft Industries Inc. is retaining a core group of employees to fulfill purchase orders for aircraft, parts and services and to provide continuing airworthiness and technical support.

This action is limited to Diamond's Canadian based operations only and does not involve the Austrian based, independently owned and operated, Diamond Aircraft Industries GmbH.




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