Piaggio Aerospace has approved “transformational” five-year plan

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Piaggio Aerospace has approved a “transformational” five-year industrial plan designed to secure its long-term financial and operational stability.

The plan, which is supported by its main shareholder as well as strategic partners including the Italian government and air force, is built around the following strategic pillars:

Comprehensive Financial Restructuring

  • A €255m cash injection by the shareholder to support Piaggio Aerospace’s financial needs;
  • A total bank debt repurchase and conversion to equity by the shareholder in support of Piaggio Aerospace’s balance sheet.

Operational Commitments and Developments

  • An increased focus on the P.1HH Hammerhead programme, the state-of-the-art multipurpose unmanned aerial vehicle (UAV) designed for aero, marine and terrestrial surveillance and reconnaissance;
  • An agreement with key partner Leonardo to strengthen the existing industrial partnership in the defence and security sector;
  • The development of a new production and commercialisation strategy for the P.180 business aviation programme, including the assessment of potential partnership opportunities;
  • The sale of the engines and civil aviation Maintenance Repair and Overhaul (MRO) activities.

Renato Vaghi, CEO of Piaggio Aerospace, said: “The industrial plan will be transformational for Piaggio Aerospace, and lays the foundation to deliver long-term security built around our core programmes while creating opportunities for growth in new areas of development.

“This plan is a combined achievement for Piaggio Aerospace and its key stakeholders: our employees and union representatives, our shareholder, our strategic partners such as Leonardo, the national and regional government and the Italian Air Force, as well as our cohesive and motivated leadership team.”

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