The sale process of Piaggio Aero Industries and Piaggio Aviation, two companies in extraordinary administration that operate under the Piaggio Aerospace brand, has entered a new phase. Having completed the evaluation of 11 company submissions, commissioner Vincenzo Nicastro has admitted five new companies to the due diligence process, thus officially reopening the company's virtual data room. Potential buyers now have until 28 April to get the necessary information on the two Piaggio companies. At the end of this period a new 30 day window will open, within which time potential offers will have to be submitted.
"In agreement with the Ministry for Economic Development, we want the process to proceed quickly," explains Nicastro. "But we will still carefully evaluate the incoming offers, and identify a new owner who is able not only to recognise the company's fair value, but also to propose a long term strategy that will safeguard both its skills and employees."
The official reopening of the terms of the tender for the sale of the businesses was announced by commissioner Nicastro in the middle of January after a long and exclusive negotiation with a European group of investors failed to achieve an offer that aligned with the tender rules. The deadline for the submission of new expressions of interest was 28 February.
The group's industrial performance remains positive: at the end of 2021, with revenues in excess of 154 million euros, the order backlog amounts to 446 million euros, with approximately a further 115 million expected to arrive in 2022 from orders close to being signed.