Chen Bin (left), president of Zhejiang Wanfeng Auto Holding Group, signs the acquisition agreement with Diamond Aircraft Austria in Vienna on Dec 21. [Photo/Wanfeng Auto Holding Group WeChat]

The aviation division of Zhejiang Wanfeng Auto Holding Group acquired Diamond Aircraft Austria, a manufacturer of general aviation aircraft and motor gliders on Dec 21.

This is the largest merger and acquisition case between China and Austria since diplomatic relationships was established between the two countries in 1971. The acquisition was also successful in regards to Wanfeng's internationalization strategy after cooperating with Czech Republic and Canada.

Diamond Aircraft Austria is a world-leading aircraft maker integrating design, manufacturing, research and development and sales. After the acquisition, its property rights of the aircraft and the capacity in design and manufacturing will be passed on to Wanfeng, which is expected to fill in some gaps in China's aircraft manufacturing industry. Wanfeng will be able to do independent researches and improve its manufacturing with Diamond's support.

Wanfeng has always been a good example for Zhejiang companies in cross-border exploration. A year ago, it acquired Diamond Aircraft Canada and in April 2016, the group launched an aircraft manufacturing project in Czech Republic.

With a grand international vision and advanced management theory, Wanfeng is gradually forming an industrial aviation chain, including aircraft manufacturing, airport construction, flight operations and aviator training.