Piaggio Aerospace this afternoon unveiled a five-year strategy to boost production and take the company into profit by 2021. It came as the Italian airframer revealed a “continuing sales momentum” for its P180 Avanti Evo, with four orders so far in 2018.

Piaggio, which is owned by Abu Dhabi investment firm Mubadala, celebrates its 100th anniversary as an aviation company this year. However, it has endured several financial crises in recent decades as it has struggled with downturns in demand and strategic uncertainty.

However, chief executive Renato Vaghi says that, thanks to a €255 million ($297 million) cash injection from its shareholder, it has restructured to focus on business, special mission and unmanned aircraft, with plans to divest its engine parts manufacturing operations.

“Reinforced by a new financial stability, we intend to focus on aircraft, leveraging our revamped production and a new commercialisation strategy for the P180,” he says.

Piaggio, based near Genoa, says it is increasing its production rate and has a backlog for 20 aircraft, of which 12 are Avanti Evos. It expects to deliver eight aircraft this year. It says its immediate plans are to “better position the Avanti Evo globally”, relaunch a special-missions version, and further invest in customer service.

Source: Flight Daily News