Post by andypspotter on Nov 27, 2018 21:48:41 GMT
Piaggio Aerospace, the traditional Italian aircraft manufacturer, has filed for insolvency. The company, which was controlled by Abu Dhabi-based investment association Mubadala, declared bankruptcy on 22 November. According to Italian media, the decision wasn’t made easy but was necessary for a complete restart. Piaggio Aerospace needs to escape ongoing uncertainties stemming from its current financial situation. The main reason for the filing is that Piaggio’s aircraft, including the Avanti Evo and the P.1HH, which were made for business companies, were not selling well.
About 1200 people are employed by Piaggio. The future of these positions is unclear.
Piaggio was founded in 1884 in Genoa, Italy. After some success producing motor vehicles, Piaggo began making airplanes. In 1922, Piaggio’s first aircraft, the Piaggio P1, made its maiden flight. At that time, the Piaggio P1 was considered among the most technically advanced aircraft.
Since then, Piaggio Aerospace grew constantly until the early 2000s. The company encountered financial difficulties and would have gone bankrupt if not for financial backing from Ferarri. After Mubadala took control of Piaggo Aerospace, a five-year plan intended to make Piaggio successful was instituted. Every aspect of this plan, however, is far from being reached.
About 1200 people are employed by Piaggio. The future of these positions is unclear.
Piaggio was founded in 1884 in Genoa, Italy. After some success producing motor vehicles, Piaggo began making airplanes. In 1922, Piaggio’s first aircraft, the Piaggio P1, made its maiden flight. At that time, the Piaggio P1 was considered among the most technically advanced aircraft.
Since then, Piaggio Aerospace grew constantly until the early 2000s. The company encountered financial difficulties and would have gone bankrupt if not for financial backing from Ferarri. After Mubadala took control of Piaggo Aerospace, a five-year plan intended to make Piaggio successful was instituted. Every aspect of this plan, however, is far from being reached.