Piaggio Aerospace up for sale
Piaggio Aerospace is seeking a buyer for its Piaggio Aero Industries and Piaggio Aviation businesses.
The two businesses, which operate under the Piaggio Aerospace brand, are currently under extraordinary administration after being placed into receivership in 2018. The company has been troubled by insolvency and the failure of its P.1HH HammerHead UAS to secure substantial military contracts.
After receiving the relevant authorisation from the Italian Ministry of Economic Development the companies - which, despite being two different entities from a legal standpoint, represent a unicum from an industrial standpoint - go to potential buyers with approximately €450 million orders in execution, to which further agreements will shortly be added for a value of €450 million, bringing the total order intake to approximately €900 million.
Those interested in the purchase of all or part of the business complexes of the two companies are being invited to send expressions of interest to the Extraordinary Commissioner no later than 3 April 2020, who will assess the quality and completeness of each proposal.
Any final determination with regard to the sale will be subject to the authorisation of the Italian Ministry of Economic Development, after hearing the opinion of the Surveillance Committee.
Nicastro said: ‘Just over a year since the extraordinary administration started, we have succeeded in creating a respectable order intake, which makes the company attractive for a buyer.
‘We shall rigorously evaluate each of the offers that will reach us with the aim of selling the company in its entirety and finding a buyer who can offer a solid, long-lasting recovery and development plan. We aim at concluding the process within the current year.’
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