Diamond Drops Out Of Bidding For Thielert
Diamond Thursday announced it will not participate in the bidding process for insolvent Thielert Aircraft Engines, which has produced high efficiency diesel powerplants for Diamond aircraft, because in Diamond's opinion, the Summary Description included by Thielert as part of the process "withholds relevant facts." According to Diamond, the process itself, as set forth by Thielert's confidentiality agreement, precludes Diamond from obtaining information "vital to the due diligence process." Diamond insists it will not participate if it only has access to "partial information." Thielert disagrees with Diamond's assessment, stating that its bidding process complies with international standards and that signing of the confidentiality agreement would have provided Diamond "comprehensive information" regarding Thielert's situation. Friday, Thielert said in a release that "the reasons Diamond is presenting for its non-participation are clearly pretext" and suggests that Diamond is not a serious prospective buyer. The company added, "Diamond's actions clearly serve the purpose of derogating Thielert's reputation in the naive assumption to be able to subsequently purchase Thielert far under value."
Diamond produces several aircraft models that fly behind Thielert engines, including the impressively efficient twin-engine four place DA42 TwinStar.