Italian Piaggio Aerospace looks for a new owner

Piaggio Aerospace has announced that, with a total order intake worth USD 930M (EUR 838M), the company is ready to launch a public tender for the sale of the Piaggio, the company said.

A formal clearance from the Italian Government to publish the tender notice is due to arrive shortly.

In the last 9 months, the Italian aircraft manufacturer, which went under Extraordinary Receivership in December last year, has signed fixed orders for a total value close to USD 300M (EUR 270M), mainly in the Engine and Customer Support business units. New contracts — for a total of USD 630M (EUR568M) – will arrive by the end of year 2019.

Previously secured contracts with the Italian Government entities are close to being signed. As recently confirmed by Italian Government representatives, by the end of the year new orders will be finalized with the Italian Armed Forces for the acquisition of 9 new Avanti EVO, the retrofitting of 19 Avanti and Avanti II and the relevant Integrated Logistic Support, for a total value of USD 290M (EUR 262M). In the meantime, the Engine Business Unit is closing new contracts worth approximately USD 139M (EUR125M). Finally, in the upcoming weeks the Italian Parliament will ratify an already allocated USD 178M (EUR 160M) investment for the Unmanned Aerial System P.1HH: part of the investment will be needed to finalize the development process and part will be for the sale to the Italian Air Force of one system (two aircraft and one control ground station).