Piaggio Aerospace Invites Expressions of Interest

posted on 30th April 2019 by Justin Burns

In extraordinary receivership since last December, Piaggio Aerospace has today published a paid notice in a number of financial newspapers, under authorisation from the Italian Ministry of Economic Development. A copy of the announcement can be found at www.piaggioaeroas.it

The Extraordinary Commissioner of Piaggio Aerospace, Vincenzo Nicastro wishes to implement an initial analysis in order to evaluate the market’s interest in buying the company or one of its business units (Aircraft and Engines), or to conduct a reorganisation, in accordance with the Marzano Law.

He explained: “The goal is to better understand who the interested candidates are as a means to informing an evaluation of their characteristics in order to maintain business continuity for Piaggio Aerospace, before moving forward with subsequent initiatives according to the law.”

During a meeting held in Rome on 24 April, the Italian Ministry of Economic Development and Ministry of Defence agreed on a plan to support Piaggio Aerospace’s business activities.

The Italian government has indicated that its intention is for Piaggio Aerospace to conduct all its engine maintenance activities from one hub, confirming the company as a reliable partner in the field. The plan also foresees new contracts for engine maintenance under a ten-year plan, a contract for retrofitting 19 P.180 Avanti aircraft operated by various Italian institutions and the purchase of ten new aircraft.

The plan also includes provision for completion of the certification process for the Avanti-based P.1HH HammerHead unmanned aircraft system (UAS), along with the acquisition of two systems and development of further technology to support Piaggio Aerospace in the international UAS market place. Each system comprises a ground control station and two air vehicles. More systems would be acquired in the medium term. Non-binding expressions of interest are requested by 6pm CEST on Wednesday, 15 May.