Aviation news analysis
50 SKY SHADES - World aviation news

Piaggio Aerospace approves five-year Industrial Plan

Download: Printable PDF Date: 28 Dec 2017 03:33 category:
Publisher:
Piaggio Aerospace approves five-year Industrial Plan - Manufacturer publisher
Tatjana Obrazcova
Country: Italy Aircraft: Airplanes

Piaggio Aerospace, a leading Italian aircraft manufacturer active in the business, defense and security sectors, approved a new five-year Industrial Plan designed to secure the long-term financial and operational stability of the business.

The plan, which is supported by the shareholder as well as key stakeholders including the Italian Government and the Italian 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 program, the state of the art multipurpose Unmanned Aerial Vehicle (UAV) designed for aero, marine and terrestrial surveillance and reconnaissance. Entirely designed, developed and manufactured in Italy, P.1HH is the only remotely piloted MALE (Medium Altitude Long Endurance) system in Europe. First deliveries will begin in 2018;
  • An agreement with key partner Leonardo to strengthen the existing industrial partnership in the defense and security sector;
  • The development of a new production and commercialization strategy for the P.180 business aviation program, including the assessment of potential partnership opportunities; and
  • The sale of the Engines and civil aviation Maintenance Repair and Overhaul (MRO) activities.            

Commenting on the new plan, 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 programs 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.”



Loading comments for Piaggio Aerospace approves five-year Industrial Plan...


Recommended

Moroccan Airports Authority (ONDA) Partners with National Aviation Services (NAS) to bring Innovation to Airports in Marrakech with E-gates at Pearl Lounge

First of its kind solution across Africa; E-gates offer quicker lounge access to passengers The Moroccan Airports Authority (ONDA) partnered with National Aviation Services (NAS) (www.NAS.aero), th...

Strategic Partner for the First Saudi International Airshow with GACA is announced by Saudi Aviation Club

The Saudi Aviation Club has announced a strategic partnership with the General Authority of Civil Aviation (GACA) to establish the first Saudi International Airshow, to be held in Riyadhfrom 12 t...

Prague Airport Breaks Another Record By Reaching 16 Million Handled Passengers A Year

The third historical record in a row has been broken at Václav Havel Airport Prague when the number of serviced passengers per year reached 16 million milestone on Wednesday December 12. This c...

Emirates takes delivery of its last Boeing 777-300ER aircraft

Emirates celebrated an important fleet milestone with the delivery of the final Boeing 777-300ER aircraft on its order books. A6-EQP is the 190th Boeing 777 aircraft to be delivered to Emirates, the w...