Having published a notice in a number of financial newspapers, and after receiving the relevant authorisation from the Italian Ministry of Economic Development, Piaggio Aero Industries and its subsidiary Piaggio Aviation have officially launched an international call for the sale of their business complexes. The two companies, currently under extraordinary administration, operate under the Piaggio Aerospace brand.
Those interested in the purchase of all or part of the business complexes of the two companies which, despite being two different entities from a legal standpoint, represent a combined operation from an industrial standpoint, will have to send their expressions of interest to the extraordinary commissioner Vincenzo Nicastro no later than 3 April, 2020. After assessing the quality and completeness of each proposal, the commissioner will decide whether to admit applicants to the next stage. The published announcement makesit clear that the sale will be subject to the authorisation of the Italian Ministry of Economic Development, after hearing the opinion of the Surveillance Committee.
“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,” says Nicastro. “We shall rigorously evaluate each of the offers that 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.”
Piaggio Aerospace goes to potential buyers with orders worth approximately €450 million 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.
Piaggio Aerospace also controls the subsidiary Piaggio America in the United States and operates in the aviation and engine sectors. In particular, the aircraft business unit focuses on the design, construction and maintenance of civil and military aircraft, along with customer service activities. The engine business unit revolves around the construction and maintenance of aero engines.