The End For Piaggio Aerospace Things have been extremely quiet for Italian airframer Piaggio Aerospace in recent times. Despite making headlines at recent airshows and being taken over by an Abu Dhabi shareholder and receiving heavy cash injections, the company has gone into receivership. Due to current market conditions, the company says it is no longer financially sustainable.
Yesterday, the company issued a statement that suggested the attempt at the five-year short term restructuring program was not working. "Despite the commitment and hard work of everyone at Piaggio Aerospace, as well as the significant financial contribution made over the years by the shareholder, the key fundamental assumptions of the restructuring plan approved in 2017 have not materialized." Piaggio Aerospace was the airframer of the P180 Avanti series of pusher-prop business aircraft as well as the developer of the P180-based military P1HH Hammerhead unmanned air vehicle. For more information: Piaggio Aero Viale Generale Disegna, 1 17038 Villanova d’Albenga (Savona, Italy) www.piaggioaerospace.it ***
