Just a few weeks after Mr Carmelo Cosentino and Mr Davide Rossetti joined Mr Vincenzo Nicastro in the Extraordinary Receivership governing body, and after receiving the relevant authorization from the Italian Ministry of Industry and Made in Italy (MIMIT), the bidding process for the sale of the business complexes of Piaggio Aero and Piaggio Aviation – the two companies under Extraordinary Administration that operate under the Piaggio Aerospace brand – officially reopens. The details will be published tomorrow, May 10, in some selected Italian and international newspapers, as well as on the website of the Extraordinary Receivership.
According to the tender, the parties that are interested in purchasing the assets of the companies – which are two legal entities but a unicum as an industry – have until 12 June 2023 to submit the required documentation. According to the strict schedule of the sale, once the deadline has expired, eligible applicants will be granted approximately 30-day access to the data room. Thereafter, binding offers will be solicited and the most appropriate will eventually be selected. In the meantime, the Minister of Industry and Made in Italy, Mr Adolfo Urso, extended the deadline to complete the sale process by one year, which now ends on May 13, 2024.
“Our objective”, explained the Extraordinary Commissioners, “is identifying the best industrial solution in the shortest possible time, finding a prospective buyer – even at the international level – who can guarantee operational continuity, maintenance of employment, specific know-how and financial stability, as well as recognize the Company’s fair value.” Piaggio Aerospace currently has a backlog and order intake of approximately 556 million euros. Piaggio Aerospace designs, develops, manufactures, and maintains aircraft, aircraft engines and structural components. The company operates from its aerospace center of excellence in Villanova d’Albenga, Italy, while its Customer Service Department is based in Genoa.
Established in 1884 as Rinaldo Piaggio S.p.A., it shares its ancestry with motor vehicle manufacturer Piaggio and is one of the world’s oldest aircraft manufacturers, having produced its first aircraft during 1915. The company’s facilities were rebuilt following the Second World War and several original designs, including the P.136 seaplane, the P.149 trainer aircraft, and the P.166 utility transport, were released during the first two decades of the postwar era. During the 1960s, Piaggio began manufacturing jet engines as well. During 1966, the business was separated into the aviation-focused Piaggio Aero and the motor scooter manufacturer Vespa.