OFFICIAL REOPENING OF THE TENDER PROCESS FOR THE SALE OF PIAGGIO AEROSPACE | News
Villanova D’ALBENGA, Italy, January 19, 2022 /PRNewswire/ — With a notice published today in a number of financial newspapers and having received the corresponding authorization from the Italian Ministry of Economic Development, the Extraordinary Commissioner Vincenzo Nicastro officially reopened the bidding process for the sale of the commercial complexes by Piaggio Aero Industries and its subsidiary PiaggioAviationboth companies, currently under extraordinary administration, operating under the Piaggio Aerospace brand.
“Discussions with a number of counterparties are still ongoing, but we want to be sure we can secure a long-term future for the business,” Nicastro said. “This is why we are formally restarting the sales process. 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 submission of offers 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, “checking that they comply with the requirements of the offer: the objective is to sell Piaggio Aerospace in its entirety to a buyer who can propose a solid plan for the revival and development of the company and who will recognize its fair value”.
Those who are interested in buying the company must send their expressions of interest to the Extraordinary Commissioner no later than February 28, 2022. The full review is available on Extraordinary Receiver website.
Meanwhile, Piaggio Aerospace has closed one of its best recent financial years: the turnover reached 152 million euros with an order book of approximately 500 million euros and new contracts still to be formalized for other 180 million euros.
Piaggio Aerospace – which also controls the Piaggio America subsidiary in United States – operates in the Aeronautics and Engines sectors. In particular, the Aircraft business unit focuses on the design, manufacture and maintenance of civil and military aircraft, as well as customer service activities. The Engines business unit revolves around the construction and maintenance of aeronautical engines.