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Which future for Piaggio Aerospace?

Tomorrow hearing of the leaders of the Ligurian company

After a long waiting was scheduled for tomorrow the hearing of the leaders of Piaggio Aerospace at the Defense Committee meetings of the Chamber and Senate, at regarding of the "SMD 04/2017 renovation and renewal program", namely the 766 million Euro contract for 20 drones (UAV, Unmanned Aerial Vehicle), P.2HH and 10 ground stations. This order would be the only way to keep the company of Villanova d'Albenga (Savona) alive because there is not other activities in operation, having already been sold the P.1HH Hammerhead drones to the United Arab Emirates (owners with the Mubadala fund of Piaggio Aerospace).

The convocation for the top management of the company that arrives after the 100% owner fund has made it clear that it does not want to invest new money in Piaggio, placing it at serious risk of bankruptcy. The government is trying to mend the "tear" first with the visit of the Prime Minister Giuseppe Conte to Abu Dhabi and now with the hearing in the Defense Committee, which will however only be interlocutory even if it is an important step forward that could lead soon to the actual resolution on that agreement. The problem remains the € 766 million to be allocated, which could be released by the vice premier, Minister of Labor and Economic Development (MISE) Luigi Di Maio giving way to Piaggio Aerospace to have an important order that would avert the risk of bankruptcy.

However, the solution could be temporary because the owner fund would not want to invest any more money, and the risk is that the same situation will be repeated once the production and deliveries of the P.2HH to the Italian Air Force (AMI) have ended. The other option then could be to unlock the 766 million euros and in the meantime look for new buyers for Piaggio Aerospace, which could be Leonardo, which would take the funds allocated by the MISE and the program of P.2HH saving the situation of  company. In that case, however, it would be worth seeing how the public company would operate, which could "cut" the dying parts of Piaggio, keeping only the profitable ones alive, with a consequent loss of jobs.

M/A - 1216276

AVIONEWS - World Aeronautical Press Agency