Piaggio Aero breaks ground at new factory

Piaggio Aero has announced
that a groundbreaking ceremony has taken place at the Villanova d’Albenga
manufacturing plant which will be operational by 2013.

The event was attended by
Piaggio Aero’s chairman Piero Ferrari, its chief executive officer Alberto
Galassi, along with other top company management and the local
authorities.

The new facility when
completed will be focused on the manufacture of parts and subassemblies
for the P.180 Avanti II aircraft and aero engine manufacturing, repair and
overall cycles.  All of these activities are currently located at the
Finale Ligure plant which will be transferred into the new high technological
facility in Villanova d’Albenga while the P.180 Avanti II final assembly line
will continue at the company’s other production plant in Genova Sestri Ponente.

Piaggio Aero Industries’ chairman, Piero
Ferrari stated: “It’s a red-letter day
for Piaggio Aero, with the new production plant ground breaking  
we  have reached  a memorable milestone  in the
development  of our company which   has been made possible
thanks to the support of Piaggio Aero’s employees, shareholders and national and
local institutions.” He declared  “I’m proud that Piaggio Aero  is able to continue its industrial
expansion  in Italy  , and with the great support of our primary
international shareholders Mubadala and Tata, will continue down the path of
sustained future growth ” Mr. Ferrari  added.

The new production plant will be in
a strategic position behind Villanova d’Albenga  airport
with  direct access to a 1500 meters runway. The investment required for
this project is about €100 million.