Piaggio Aerospace invites submissions for Expression of Interest (EOI) on the company

VILLANOVA D'ALBENGA, Italy, April 30, 2019 /PRNewswire/ -- The Extraordinary Commissioner of Piaggio Aerospace, Vincenzo Nicastro, wants to implement an initial analysis in order to evaluate the market's interest in buying the company or one of its business units (Aircraft and Engines) or to conduct a reorganization, in accordance with the "Marzano Law."

Piaggio Aerospace (in Extraordinary Receivership since last December) published today a paid notice in a selected number of financial newspapers after authorization from the Ministry of Economic Development. A copy of the announcement can be found at www.piaggioaeroas.it, where a short presentation of the company is also available.

"The goal of this action," declares Nicastro, "is to better understand who the interested candidates are as a way to evaluate their characteristics in order to maintain business continuity for Piaggio Aerospace, thus moving forward with subsequent initiatives according to the law."

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 design, construction and maintenance of aero-engines.

During a meeting held in Rome on April 24, 2019, the Italian Ministry of Economic Development and the Ministry of Defence agreed on a plan to support Piaggio Aerospace business activities.

The Italian Government indicates the goal on Piaggio Aerospace to conduct all engine maintenance out of one single hub, confirming Piaggio Aerospace as a reliable partner in this specific field. The plan also foresees new contracts for the engine maintenance with a ten-year plan; a contract for the retrofitting of nineteen P.180-Avanti operated by various Italian Institutions and the purchase of ten new P.180-Avanti.

Finally, the plan also includes the completion of the P.1HH HammerHead (the Unmanned Aerial System) certification process, along with the subsequent acquisition of two systems and the development of further technology to support Piaggio Aerospace to compete in the international market arena. Each system is made out of a Ground Control Station and two aircraft. More systems would be acquired in the medium- term.

All EOI, which are non-binding, should be sent (in English or Italian) to the Extraordinary Commissioner by 6 pm CEST on Wednesday, May, 15, 2019 via email at [email protected].

SOURCE Piaggio Aerospace

Related Links

http://www.piaggioaeroas.it

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