Big news for the local economy in London.
Diamond Aircraft Canada has been sold to Medrar Financial Group which is an asset management firm in Dubai. The sale was announced this morning and is said to involve the D-Jet program.
The sale to Medrar, an asset management company that operates out of Dubai, United Arab Emirates, was announced Monday morning (Nov. 14). The sale includes Diamond’s range of gasoline-powered, piston aircrafts, as well as, the D-JET program.
Diamond’s currently employs 220 workers in London. Neither company has commented on the impact of the sale might have on those jobs.
Christian Dries, chairman of the Diamond Group, said the company has grown significantly over the last decade and that the sale will strengthen the company’s worldwide position and support both future growth and existing business.
“We are pleased that Medrar has demonstrated their recognition of this potential with their significant commitment,” Dries said. “We look forward to working seamlessly together to develop the Diamond brand and enhance its value.”
The D-JET program combines low acquisition and operating costs with practical performance and a high level of luxury and comfort. The program is also designed for simplicity of operation, safety and affordability.
In a previously published statement, Jamil Marmarchi, CEO of Medrar, said the current economy highlights the need and potential for the type of aircraft being developed under the D-JET program.
Diamond Aircraft was most recently in the public spotlight during the recent federal election when a request for a $35-million government loan was delayed and 200 workers laid off.
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