The Ministry of Enterprise and Made in Italy has authorised the Extraordinary Commissioners of Piaggio Aero Industries and Piaggio Aviation – the two companies under extraordinary administration operating under the Piaggio Aerospace brand – to proceed with the sale of all the business complexes led by the Turkish company Baykar MakinaSanayi Ve Ticaret Anonim Sirketi (“Baykar”), a leading company in the development and production of UAV (unmanned aerial vehicles) systems and advanced aerospace technologies.
A dispute that began in December 2018, when Piaggio Aerospace – an Italian company active in the design, construction and support of aircraft and aircraft engines for private, government and military operators – was admitted to the extraordinary administration procedure, is thus heading towards a positive solution.
As part of the last open procedure for the identification of a buyer, three definitive and binding offers were received from three international industrial players for the purchase of all the business complexes.
After a careful comparative evaluation of the three offers received, the commissioner considered that Baykar’s was the most suitable to guarantee the interests of the employees and creditors of Piaggio Aero and Piaggio Aviation and to relaunch the Group’s industrial prospects.
Baykar is committed to maintaining and enhancing both its aircraft manufacturing activities – including related technical, logistical and training support services – as well as its engine maintenance and engine component manufacturing activities.
“The relaunch of the company has been guaranteed, with a clear and ambitious industrial vision,” said the Minister of Enterprise and Made in Italy, Sen. Adolfo Urso. “After six years of waiting,” Urso added, “we are giving Piaggio Aerospace a future again, a strategic asset for our country, with a long-term production perspective, safeguarding business complexes and workforce.” In recent years – under the guidance of the Extraordinary Commissioners Carmelo Cosentino, Vincenzo Nicastro and Gianpaolo Davide Rossetti – the Company has managed to build a significant order book in all business areas, thus maintaining full operations throughout the period: a management that has allowed Piaggio Aerospace to honour the commitments made to its customers, self-financing the activity without having to resort to the institution of the Extraordinary Redundancy Fund or bank financing or public contributions. During the commissioner’s management, the company also developed a more advanced version of the P.180, whose deliveries to the main customer have already begun.
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