Italy-based Piaggio has put out a call for buyers for its Piaggio Aero Industries branch and subsidiary Piaggio Aviation, which together operate as Piaggio Aerospace. Piaggio Aerospace is currently under extraordinary administration, a procedure designed to protect the “assets, goodwill and employees” of large insolvent companies. Potential buyers will be screened by Extraordinary Commissioner Vincenzo Nicastro and the sale will be subject to the authorization of the Italian Ministry of Economic Development.
“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,” said Nicastro. “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.”
Piaggio Aerospace is involved in design, construction and maintenance of civil and military aircraft along with construction and maintenance of aviation engines. The company reports it currently has approximately €450 million ($489.5 million) in orders with further agreements in the works for an additional €450 million. According to Nicastro, the plan is to complete the sale within the year.