The Italian Ministry of Economic Development formally authorized the execution of the program for the re-launch of Piaggio Aerospace. The Italian manufacturer seeks a new owner interested in “its entirety”.
“We can now launch an international call for tenders and accelerate the process for the sale of the company assets”, states Vincenzo Nicastro, Piaggio Aerospace’s Extraordinary Commissioner. In fact, the Italian Ministry of Economic Development formally authorized the execution of the program for the re-launch of Piaggio Aerospace. The Italian aircraft manufacturer — whose majority shareholder is Mubadala Investment Company, which started to acquire stakes of the company since 2006 — entered into Extraordinary Administration in December 2018. A procedure which also subsequently included Piaggio Aviation, a subsidiary engineering entity. The turnaround process - which has been ongoing since the beginning of the Extraordinary Administration procedure - has also had positive effects on employment. A progressive recall of employees, who had been on temporary layoff, began in September to the company based in the small town of Villanova d’Albenga in north-western Italy.
Piaggio Aerospace is seeking to attract a potential buyer with a significant order intake, reaching approximately 830 million euros - thanks to contracts mainly coming from the Italian Government sector that will accelerate the recall of employees process once signed. Vincenzo Nicastro adds: “Our goal is to identify a new owner who is interested in taking over Piaggio Aerospace in its entirety, and to complete the process by the autumn of next year.”