Italy Gives Green Light For Piaggio Sale

Piaggio Aerospace last week received the go-ahead from the Italian government to seek a buyer, following a nearly year-long restructuring process that officials claim has resulted in orders and commitments totaling $919 million for the beleaguered aircraft manufacturer.

“We can now launch an international call for tenders and accelerate the process for the sale of the company assets,” said Vincenzo Nicastro, Piaggio Aerospace’s government-appointed extraordinary commissioner.

“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.”

The manufacturer and its subsidiary engineering unit, Piaggio Aviation, entered the restructuring process in December 2018.

Since then, it has worked to fill its order book, which includes nearly $300 million in contracts from its engine and customer-support units as well as orders for new aircraft, officials announced at last month’s NBAA-BACE 2019.

It added that many of those contracts are primarily from the Italian government sector, although Saudi Arabia’s Al Saif Aviation has agreed to purchase at least one of 10 Evos from Piaggio, which also was announced at NBAA-BACE.

A progressive recall of Piaggio employees on temporary layoff that began in September will be accelerated once government contracts are signed, the company added.

by Jerry Siebenmark – November 21, 2019, 9:53 AM