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The Ministry of Business and Made in Italy (Mimit) has authorized the extraordinary commissioners of Piaggio Aero Industries and Piaggio Aviation – the two companies in extraordinary administration that operate under the Piaggio Aerospace brand – to proceed with the sale of all the business complexes conducted to the Turkish company Baykar MakinaSanayi Ve Ticaret Anonim Sirketi (“Baykar”), a leading company in the development and production of UAV systems (unmanned aerial vehicles) and advanced aerospace technologies. This was reported by Mimit in a note. This brings a positive resolution to a dispute that began in December 2018, when Piaggio Aerospace – an Italian company active in the design, construction and support of aircraft and aircraft engines for private, government and military operators – was admitted to the extraordinary administration procedure. As part of the latest open procedure for the identification of a buyer, three definitive and binding offers were received from as many international industrial players for the purchase of all the business complexes.
After a careful comparative evaluation of the three offers received, the commissioner trio deemed Baykar’s offer the most suitable to guarantee the interests of the employees and creditors of Piaggio Aero and Piaggio Aviation and to relaunch the Group’s industrial prospects. Baykar has committed to maintaining and strengthening both the aircraft production activities – including the related technical, logistical and training support services – and the engine maintenance and engine component production activities. “The relaunch of the company is guaranteed, with a clear and ambitious industrial vision”, declared the Minister of Enterprise and Made in Italy, Adolfo Urso. “After six years of waiting,” added Urso, “we are giving Piaggio Aerospace a future, a strategic asset for our country, with a long-term production perspective, safeguarding corporate complexes and workforce.” In recent years, the Company – under the guidance of extraordinary commissioners Carmelo Cosentino, Vincenzo Nicastro and Gianpaolo Davide Rossetti – has managed to build a significant order portfolio in all areas of business, thus maintaining full operation throughout the period: a management that has allowed Piaggio Aerospace to honor the commitments made to its customers, self-financing the activity without having to resort to the Cassa Integrazione Straordinaria institute or bank financing or public contributions. During the administration, the company also developed a more advanced version of the P.180, whose deliveries to the main customer have already begun.
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