BIDDING PROCESS FOR THE SALE OF PIAGGIO AEROSPACE FORMALLY REOPENS

VILLANOVA D'ALBENGA, Italy, Jan. 19, 2022 /PRNewswire/ -- With a notice published today in a selected number of financial newspapers, and after receiving the relevant authorization from the Italian Ministry of Economic Development, the Extraordinary Commissioner Vincenzo Nicastro officially reopened the bidding process for the sale of the business complexes of Piaggio Aero Industries and its subsidiary Piaggio Aviation, the two companies, currently under Extraordinary Administration, operating under the Piaggio Aerospace brand.

"Discussions with a number of counter parties are still ongoing, but we want to be sure we can guarantee a long-term future to the company", Nicastro said. "That's why we are formally starting the sale process again. But not from scratch: The preparatory work on the data room is already done, while we have set very tight deadlines for the due diligence and bid submission phases, in order to speed up the process as much as possible. As always, we will carefully evaluate all the offers that will be submitted ", he added," verifying that they are consistent with the bid requirements: the objective is selling Piaggio Aerospace in its entirety to a buyer who will be able to propose a solid plan for the relaunch and development of the company and who will recognize its fair value".

Those who will be interested in buying the company will have to send their expressions of interest to the Extraordinary Commissioner no later than February 28, 2022. The full notice is available on the Web Site of the Extraordinary Receivership.

In the meantime, Piaggio Aerospace closed one of its best recent financial years: the turnover reached EUR 152 million with an order book of approximately 500 million euro and new contracts still to be formalized for further 180 million euro.

Piaggio Aerospace - which also controls the subsidiary Piaggio America in the United States - operates in the Aviation and Engine sectors. In particular, the Aircraft business unit focuses on the design, construction and maintenance of civil and military aircraft, along with customer service activities. The Engine business unit revolves around the construction and maintenance of aero-engines.

SOURCE Piaggio Aerospace

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