DIAMOND company is launched

The UK Government and the Wellcome Trust have sealed their partnership to build and operate the DIAMOND synchrotron. A joint venture company, Diamond Light Source Ltd (DLSL), has been established to run the project. The joint venture company was officially launched after the signature of legal agreements on 27 March 2002. The shareholders of the company are the Council for the Central Laboratory of the Research Councils (CCLRC), who hold 86% of the shares on behalf of the UK Government, and the Wellcome Trust, who hold the remaining 14%. The joint venture was officially launched after the signature of legal agreements by Dr John Taylor, Director General of the Research Councils, on behalf of the UK Government, Dr Mike Dexter, Director of the Wellcome Trust, and Professor John Wood, Chief Executive of the CCLRC. The agreement signifies an important step in the DIAMOND project by establishing a separate legal entity charged with delivering the project successfully. The shareholders, CCLRC and the Wellcome Trust, will be contributing to the £235 million construction cost in proportion to their shareholding.