In December Piaggio Aerospace 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 firstly around comprehensive financial restructuring. The plan includes a €255m cash injection by the shareholder to support Piaggio Aerospace’s financial needs. In addition, the plan sets out a total bank debt repurchase and conversion to equity by the shareholder in support of Piaggio Aerospace’s balance sheet. The sale of the engines and civil aviation Maintenance Repair and Overhaul (MRO) activities will also be part of this five-year plan. On the industrial side, the aircraft manufacturer stated that it is focused on the P. 1HH Hammerhead program. A multipurpose unmanned aerial vehicle 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. Furthermore, to bolster its activities, Piaggio Aerospace also stated that it entered into an agreement with Leonardo to strengthen the existing industrial partnership in the defense and security sector. With this industrial reinforcement, the aircraft manufacturer is counting on the development of a new production and commercialization strategy for the P.180 business aviation program.
24 July 2017
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