Bidding process for Piaggio Aerospace reopens
The bidding process for the sale Piaggio Aerospace has been officially reopened by the firm’s extraordinary commissioner, Vincenzo Nicastro. The sale, authorised by the Italian Ministry of Economic Development, encompasses both Piaggio Aero Industries and its subsidiary Piaggio Aviation.
“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.
Those interested in buying the company have to send expressions of interest to Nicastro before the end of February.
Nicastro said: “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 recognise its fair value.”
Meanwhile, Piaggio Aerospace just closed one of its best recent financial years. Turnover reached €152m with an order book of approximately €500m and new contracts still to be formalised for a further €180m.