Seventeen years after heading a consortium that rescued Piaggio Aerospace from bankruptcy, Piero Ferrari has ended his financial links with the Italian aircraft maker.
By selling his remaining 1.95% stake to Mubadala, the Abu Dhabi investment house now becomes the 100% owner of the company behind the P180 Avanti II twin-pusher and its unmanned P1.HH HammerHead military reconnaissance platform derivative.
The head of the family behind the famous racing car brand has been reducing his shareholding since Mubadala and Indian combine Tata bought into the business in the 2000s. In 2013, the two increased their combined stake to 85.5% after injecting $253 million cash, with Tata later selling its share to Mubadala.
Under Mubadala, Piaggio has been trying to reposition itself in the defence and special missions market with variants of the P180, which has struggled for sales since the 2009 downturn. A business jet launch has also been put on ice. Piaggio has been pitching the P1.HH in Italy and the United Arab Emirates.
Last year, the company moved into a new factory one hour’s drive from its former plant in Genoa, where as well as assembling the P180, it builds engine structures for Pratt & Whitney, among others.
Carlo Logli, chief executive of Piaggio Aerospace, describes former chairman Paolo Ferrari’s contribution as a “pivotal role to make Piaggio Aerospace more innovative, competitive and international”.
Source: Flight International