Italian manufacturer Piaggio Aerospace is once again up for sale, after the company fought its way back from the brink of extinction.
Extraordinary Commissioners Carmelo Cosentino, Davide Rossetti and Vincenzo Nicastro are expected to open tenders to purchase the company today, with a deadline for submissions of 12 June 2023,
Piaggio has been in administration since late 2018, with the commissioners rejecting five bids for the company in early 2022. Since then, Piaggio has secured orders worth around €700 million, including a €46 million order from the Italian department of defence
The company, made of of Piaggio Aereo and Piaggio Aviation, produces the twin-turbine P.180 Avanti Evo.
"Our goal", explained the Extraordinary Commissioners, "is to seek the best industrial solution for Piaggio Aerospace in the shortest possible time, identifying a potential buyer–even at an international level–who, in addition to recognising the right value of the group, can guarantee production continuity, specific competence, maintenance of employment and financial reliability."
The commissioners put the current order backlog at around €556 million.
Italian Minister of Enterprise and Made in Italy Adolfo Urso has set a deadline for the sale of 13 May 2024.