Facing Uncertain Future, Piaggio Aerospace Gets New Management (excerpt)
(Source: Defense News; posted Dec 07, 2018)
By Tom Kington
ROME --- Two weeks after its Gulf owners placed it into receivership, Piaggio Aerospace has a new manager appointed by the Italian government who is seeking a buyer for the historic Italy-based firm.

The company’s prospects are however gloomy after its former owner Mubadala, the UAE investment fund, cancelled its planned order for eight Piaggio Aero P1.HH drones, just as Italy is dragging its heels over its own order of drones from the company.

On Tuesday, the Italian government appointed a lawyer, Vincenzo Nicastro, as administrator of the firm, whose first first task was to pay November’s wages to staff.

An Italian industry source said he would then be responsible for devising a plan to relaunch the firm, before seeking a new buyer, with Italy’s Leonardo being touted in Italy as a candidate.

Leonardo CEO Alessandro Profumo has not ruled out taking a stake in the firm.

“We need to understand how the situation evolves and then we will evaluate the case,” he said last week. (end of excerpt)

Click here for the full story, on the Defense News website.


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