Why the sale of Piaggio Aerospace crashed

Why the sale of Piaggio Aerospace crashed

The Piaggio Aerospace purchase negotiation was skipped. Here's how and why. The article by Aurelio Giansiracusa of Ares Defense Observatory

The exclusive proposal and negotiation for the acquisition of Piaggio Aerospace by the Italian-Swedish consortium formed by the Scandinavian fund Summa Equity and three companies active in the aeronautical sector, the Norwegian Heart Aviation, AgTech and Phase Motion Control, which both have based in Liguria.

THE DECISION OF THE MISE AND THE EXTRAORDINARY COMMISSIONER

In fact, the proposal made by the potential buyer was judged to be inadequate by the Ministry of Economic Development and by the extraordinary commissioner of Piaggio Aerospace, Vincenzo Nicastro.

The choice of the Italian-Swedish consortium had come at the end of a careful analysis of the proposals received by the commissioner to take over Piaggio Aerospace.

But the industrial and financial grouping headed by Summa Equity did not want to conclude the negotiation granted exclusively.

THE SALE OF PIAGGIO AEROSPACE

In the face of this negative outcome, the issue of the sale of Piaggio Aerospace returns to the hands of the extraordinary commissioner Vincenzo Nicastro and the Ministry of Economic Development.

WHAT THE UNIONS SUPPORT

According to union sources, the stop to the exclusive negotiation with the Italo-Scandinavian grouping would also have been determined by the choice of the Ministry of Defense to use the 160 million euros (then increased to 171 million), initially allocated to complete the development program and obtain certification of the P1HH drone strictly derived from the P-180, in the purchase of 6 P-180 Evo for interministerial transport needs.

URGENT MEETING WITH COMPANY TOPICS ASKED

Obviously, this industrial development has sent the union representatives into fibrillation, asking for an urgent meeting with the company's top management to learn about the new scenarios, as well as the activation of the MiSE for the defense and the relaunch of Piaggio Aerospace in its entirety, with guarantee the full employment of 900 employees, the enhancement of industrial plants and related industries, in the aircraft sector and in the engine sector (maintenance and overhauls).

WHAT THE LAST CONTRACT SIGNED WITH THE DEFENSE PROVIDES

Based on the latest contract signed at the end of last September with the Ministry of Defense , Piaggio Aerospace will also have to supply a flight simulator in addition to the 6 P-180 Evo and has obtained the extension of the contract for the maintenance of the Viper engines. of the MB-339 aircraft supplied to the National Aerobatic Team (PAN) of the Italian Air Force.

With the six "ministerial" P-180 Evo, the total number of EVs ordered also from the civil market as of 1 October is equal to 20 aircraft to be set up, with important industrial and employment effects on the entire production chain of the aircraft.

Article published on aresidifesa.it


This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/smartcity/perche-la-vendita-di-piaggio-aerospace-si-e-schiantata/ on Thu, 25 Nov 2021 15:05:55 +0000.