Thu, Jan 04, 2018
Includes A Comprehensive Financial Restructuring Of The Company
Italian aircraft manufacturer Piaggio Aerospace recently 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 multiple strategic pillars, including a $270 million cash injection by the shareholder to support Piaggio Aerospace’s financial needs and a total bank debt repurchase and conversion to equity by the shareholder in support of Piaggio Aerospace’s balance sheet.
On the operational side, the company plans to increase 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.
Other operational commitments and developments include:
- 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.
"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," said Renato Vaghi, CEO of Piaggio Aerospace. "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.”
(Source: Piaggio Aerospace news release. Image from file)
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