Diamond Receives Government Of Canada Investment

Diamond Aircraft tells ANN that it has received a hefty $19.6 million strategic, repayable investment from the Government of Canada for research and development (R&D) of its D-JET, personal light jet. The company announced it will manufacture the innovative, new all-composite, five-seat aircraft at its facility in London, Ontario, where the D-JET R&D program is based.

The Honourable Jim Prentice (shown below, right, with Diamond Aircraft Industries President Peter Maurer) , Minister of Industry for the Government of Canada, announced the investment during a briefing, Saturday, at Diamond Aircraft's London facility.

The Canadian government's investment project will be funded from the new Strategic Aerospace Defence Initiative (SADI). SADI supports strategic industrial research and pre-competitive development (R&D) projects in the aerospace, defence, space and security (A&D) industries. SADI is managed by the Industrial Technologies Office, a special operating agency of Industry Canada with a mandate to advance leading-edge R&D by Canadian aerospace and defence industries.

"This investment will play a vital role in enabling our company to complete the final development, flight testing and certification of the D-JET, and to complete our transition to production," said Peter Maurer, president of Diamond Aircraft Industries.

"There is already tremendous demand for this new aircraft and we are excited about the opportunity to grow our already proven, world-class team and operation here in southwestern Ontario to deliver D-JET to our customers worldwide."

The Diamond D-JET offers a very comfortable and stylish design; affordable single-engine, fuel efficient operation; and the safety and reliability of the latest glass panel avionics, engine and aeronautical technology. The $95.2 million D-JET R&D program began in 2003.

Diamond's London operation today produces its DA20 two-seat aircraft, DA40 family of 4-seat piston aircraft, and the DA42 light twin turbo-diesel aircraft. Diamond employs 580 people in Canada and has pioneered the development and manufacture of aircraft using carbon fiber and related composite materials that are stronger, lighter and more durable than metals.

Diamond Aircraft is the third largest producer worldwide of airplanes in the under-three-ton weight class. The Diamond group of companies has manufacturing facilities in Canada, Austria, China, and Germany that provide aircraft, type-specific flight training devices, and related general aviation products and services. The company employs more than 1,500 people worldwide, including 580 people in Canada.

FMI: www.diamondaircraft.com